Suspended Gartmore Manager To Return

Apr 28 2010 | 1:30pm ET

Gartmore Group has reinstated suspended hedge fund Guillaume Rambourg, despite finding that he violated firm rules.

Rambourg, who was suspended on March 30 on suspicion that he directed trades to favored brokers, will “initially” serve as an analyst upon his return. He is still restricted from trading or handling customer funds until the Financial Services Authority signs off on Gartmore’s probe.

That could take “a few months,” Gartmore CEO Jeff Meyer told investors on a conference call today. But he added, “It’s important to get him back into the funds. Clients and investors will benefit from his continued participation.”

Meyer said that Gartmore’s investigation found that Rambourg did, in fact, violate the firm’s internal rules. But he said Rambourg’s actions did not cause clients to lose any money, and that there was “no suggestion of dishonesty.”

Rambourg and Roger Guy manage some 37% of Gartmore’s total assets.

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