Friday, 29 April 2016
Last updated 1 hour ago
Apr 30 2010 | 12:01pm ET
Over the past month, Gartmore Group has learned how dangerous it can be to rely solely on two star hedge fund managers. So the firm is adding to its stable in the wake of the suspension of one of them.
Gartmore has hired Darrell O’Dea to co-manage the hedge funds helmed by Roger Guy. Guy’s co-manager, Guillaume Rambourg, was suspended from the firm last month for allegedly directing trades to favored brokers. The move angered Guy, sent Gartmore’s stock price tumbling and led to some investor redemptions and much investor grumbling.
Rambourg has since been reinstated, but only as an analyst, pending the U.K. Financial Services Authority’s approval of Gartmore’s probe of Rambourg. Rambourg was found to have violated company rules, but is still in line to resume his portfolio management duties.
O’Dea joins Gartmore from Threadneedle Asset Management.