Friday, 22 May 2015
Last updated 33 min ago
Apr 12 2010 | 12:57pm ET
Gartmore Group’s new rules on directing trades could cost it £500 million, according to Morgan Stanley.
The investment bank warned its clients that the suspension of trader Guillaume Rambourg, a colleague of star manager Roger Guy, will cause a 20% drop in its revenues and big outflows over the next three months, the Financial Times reports. Rambourg was suspended for allegedly violating internal rules last month, and remains on leave pending an investigation.
And the longer that probe lasts, the worse things are likely to get for Gartmore, Morgan Stanley said.
“The risk of redemptions is higher the longer the internal investigation continues,” it wrote.
Redemptions are not the only risk: Morgan Stanley has cut its projected inflows into Gartmore hedge funds by one-third to £1.4 billion for next year.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…