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.


In Depth

Change In 'Accredited Investor' Definition Could Hurt Crowdfunding Space

Jul 25 2014 | 8:14am ET

The Securities and Exchange Commission is considering changes to its 30-year-old...

Lifestyle

David Yarrow On Growing His Hedge Fund And Shooting The Animals And People Of Africa - As A Photographer

Jul 23 2014 | 6:44am ET

While he’s always been a photographer, recent expeditions to Iceland, Ethiopia...

Guest Contributor

The Truth About Track Record Portability

Jul 24 2014 | 5:55am ET

The number of private funds converting to mutual funds has increased significantly...

 

Sponsored Content

    Northern Trust Helps Hedge Funds Navigate Derivatives Regulations

    Jul 8 2014 | 10:48am ET

    The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…

Publisher's Note