Gartmore Compliance Chief Exits

Apr 29 2010 | 12:17pm ET

On the same day that its most prominent compliance case came to a close comes news that Gartmore Group has lost its head of compliance.

Gerry Harvey left the firm three weeks ago, CFO Keith Starling revealed on the conference call announcing the reinstatement of Guillaume Rambourg. Rambourg, one of Gartmore’s top hedge fund managers, had been suspended last month for allegedly directing trades to favored brokers.

Harvey’s exit has nothing to do with the Rambourg situation, Starling said.

“We did have a new compliance person who joined us here for two months before deciding to resign,” CEO Jeffrey Meyer added. “People do not really give reasons why they are resigning; they just hand you a letter. But we did not push him out by any means.”

Gartmore’s internal rules were blasted by Rambourg’s co-manager, and Gartmore’s top hedge fund manager, Roger Guy, after Rambourg’s suspension.

David Young has taken over Harvey’s responsibilities on an interim basis.

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