Gartmore investment trust reviews manager

BOARD members at Gartmore’s European investment trust yesterday said they would review the group’s role as manager of its portfolio, acknowledging the risks posed to the business by the departure of star fund manager Roger Guy earlier this week.

“The board is mindful of the impact that these developments may have in relation to the management of the company’s portfolio and will review the situation with Gartmore,” the trust said in a statement.

Guy’s resignation, which came alongside news that chief investment officer Dominic Rossi and senior portfolio manager Darrell O’Dea are also leaving the firm, prompted Gartmore to appoint Goldman Sachs to lead a review of its options, including a potential sale of the business.

Schroders, the largest listed European fund manager, yesterday ruled itself out, with chief executive Michael Dobson confirming it is “not looking” at Gartmore.

Possible buyers include Henderson, Gartmore’s ex-private equity owner Hellman & Friedman and buyers from overseas.