Another Exit As Institutional Sales Chief Leaves Gartmore

Nov 29 2010 | 12:30pm ET

Troubled hedge fund Gartmore Group has suffered another high-level departure with the exit of Angus Woolhouse.

Woolhouse, formerly head of global institutions at London-based Gartmore, has been named CEO of asset management at Matrix Group. He will begin his new job at the £4 billion firm on Dec. 1.

"His outstanding credentials will ensure that we continue to focus on distributing innovative products to a broad range of clients supported by a high-quality infrastructure as we enter the next phase of our growth strategy," Matrix CEO Chris Merry said.

For Gartmore, Woolhouse's exit is just the latest in a string of resignations, including that of star hedge fund manager Roger Guy. Guy's retirement has resulted in billions of dollars in redemptions from the firm, which has since put itself up for sale.

In addition to Guy, chief investment officer Dominic Rossi and fund manager Darrell O'Dea also announced plans to leave the firm earlier this month. Their exits follow those of star manager Gervais Williams in September, Guy's co-manager Guillaume Rambourg in July and compliance chief Keith Starling in April.

Woolhouse oversaw sales and marketing to global institutions at Gartmore. Gartmore told Financial News that he would not be replaced, and that his duties have been divided among existing staff.

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