Italian Insider-Trading Probe Looks At Gartmore

Nov 27 2009 | 1:04pm ET

Gartmore Group has become the latest hedge fund ensnared in an insider-trading probe.

Italian securities regulator Consob is investigating Gartmore and several other firms. The case involves alleged insider-trading of Banca Italease shares three years ago; Consob has already fined 11 bankers more than US$5 million for their alleged role.

According to the regulator, the then-head of Italian equities and then-head of European small-cap research at Citigroup tipped off several asset managers days before the bank was to publish a positive note about Banca Italease.

Gartmore has denied any wrongdoing, Bloomberg News reports. Financial News first reported Consob’s interest in Gartmore.

Gartmore announced plans to go public earlier this month. The initial public offering is set for next month.

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