Gartmore Execs. Buy Up Shares

Jun 23 2010 | 10:35am ET

Five Gartmore Group executives and one of its independent directors have taken advantage of the firm’s low share price by stockpiling some shares.

The six bought a total of almost 480,000 shares for £557,162 last week. Most of it was taken by CEO Jeffrey Meyer, who added £384,690 in shares to his stake in the firm he leads.

Three other executives and independent non-executive director David Lindsell each bought £34,869 worth of shares, or one-tenth as much as Meyer bought. Chief investment officer Dominic Rossi, global head of distribution Philip Wagstaff, and CFO Keith Starling each helped themselves to that amount.

David Francis, chief operating officer, bought £24,800 in shares.

Notably absent from the buying was Gartmore’s top hedge fund manager, Roger Guy. Guy, who already owns 5.6% of Gartmore, expressed his unhappiness with the firm following the suspension of his partner, Guillaume Rambourg, earlier this year. Rambourg has since been partially reinstated.

The six paid £1.1623 for their shares. Gartmore shares were trading at £1.152 in afternoon trading in London.

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