Gartmore’s Rambourg Quits To Fight FSA Probe

Jul 15 2010 | 12:03pm ET

Guillaume Rambourg, the former Gartmore Group star hedge fund manager found to have violated firm policy by directing trades, has resigned.

Rambourg quit Gartmore yesterday, just two months after he was reinstated as an analyst, to focus on fighting a Financial Services Authority probe of his actions. The FSA investigation is looking into how Rambourg and his co-manager, Roger Guy, allocated commissions spent by their teams, and not the directing trades issue that led to Rambourg’s suspension in March. But the probe has prevented Rambourg from being allowed to manage money.

Gartmore said its own investigation had cleared the men—who managed about 37% of the firm’s assets—of any wrongdoing on the commissions. But Rambourg said the investigation “has resulted in me not being able to optimally fulfill my duties in the best interests of shareholders and investors.”

“Guillaume Rambourg has concluded that under the current circumstances he is unable to fully contribute to the performance of the business,” Gartmore CEO Jeffrey Meyer said in a statement. “He has, therefore, decided to resign to devote his attention to concluding the FSA investigation into his conduct and to allow Gartmore to put these matters behind it.”

Guy will remain at the helm of their formerly co-managed funds, Gartmore said.

Rambourg was suspended on March 30, and a firm probe found that he had, in fact, directed trades to favored brokers, in violation of the firm’s rules. But it reinstated him on April 28 after finding there was “no suggestion of dishonesty.”

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