Guillaume Rambourg and Roger Guy could launch a new hedge fund as soon as this year, according to City sources.
Rambourg has been holding preliminary talks with a number of people about his future since being cleared of wrongdoing by the Financial Services Authority (FSA) last month, although analysts say he is likely to move abroad.
He was suspended from fund manager Gartmore after directing trades to favoured brokers. An internal investigation found no evidence of personal gain but the FSA launched a separate investigation, leading to his exit from the firm to focus on his defence.
His partner Roger Guy left shortly afterwards, sparking a massive withdrawal of funds and eventually leading to Gartmore being sold for half the value of its IPO just a year earlier.
Rambourg said at the time he is working to regain his licence from the FSA and get back to work as soon as possible.
It is thought the pair are considering London, Paris and Geneva as a base for any new operations.
A Rambourg spokesman declined to comment last night.