FSA Clears Former Gartmore Manager

Mar 30 2011 | 9:47am ET

Exactly one year after he was suspended by Gartmore Group for allegedly breaking firm rules, hedge fund manager Guillaume Rambourg has been cleared of wrongdoing by British regulators.

Gartmore's decision to suspend Rambourg last March was the beginning of the end for the firm, which began hemorrhaging talent—including Rambourg himself and star trader Roger Guy, who worked with Rambourg—and assets, eventually forcing it to sell itself to Henderson Global Investors earlier this year. The FSA launched its probe after Gartmore announced its suspension of Rambourg for allegedly directing trades to favored brokers.

Rambourg was reinstated by Gartmore less than a month later after the FSA found "no suggestion of dishonesty," but the damage was done: With Rambourg under an FSA probe, he was unable to manage money and had to serve as an analyst.

Rambourg, who resigned from Gartmore in July to fight the FSA inquiry, himself announced that the FSA had closed its probe.

"I'm pleased that the FSA investigation resulted in no formal action and that I can now put the events of the past year behind me," he said. "I look forward to embarking on the next chapter of my career in fund management and I will be considering a number of potential plans in that regard."

At Gartmore, Guy and Rambourg managed about 37% of the firm's asets.

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