Friday, 29 July 2016
Last updated 42 min ago
Apr 16 2010 | 12:20pm ET
Most investors may be sticking by Gartmore Group in the wake of the suspension of one of its top managers, but at least one is taking a big step back.
Thames River Capital’s Absolute Return Fund has halved its investment in one of the Gartmore funds co-managed by Guillaume Rambourg, who was suspended last month for allegedly directing trades to favored brokers, which violates Gartmore’s internal rules. Thames River seeded the hedge funds managed by Rambourg and Gartmore’s top hedge fund manager, Roger Guy, in the late 1990s.
The Thames River fund’s manager, Ken Kinsey-Quick, told Reuters that he is concerned about the effect of Rambourg’s suspension. The unidentified Gartmore fund now accounts for 1.5% of the £61 million Absolute Return fund, down from 3%.
Kinsey-Quick did say that Rambourg’s absence could spur even better things from Guy, and said he would consider re-upping his allocation to Gartmore in the future.
“The golden goose is on the funds,” Kinsey-Quick told Reuters. “He will be more focused on it.”