Gartmore star trader will face an FSA probe

Steve Dinneen
Follow Steve
JUST as embattled find manager Gartmore thought the worst of its woes were over, the Financial Services Authority (FSA) yesterday announced it will launch its own investigation into one of its star traders.

Guillaume Rambourg’s “directing shares” scandal will be put under the spotlight just a month after he returned to the firm following an internal investigation.

The high-flying fund manager, who was jointly responsible for more than 20 per cent of Gartmore’s £21bn investment portfolio, is now working as a lowly investment analyst while he awaits an FSA ruling to reinstate him.

The fresh probe casts further doubt over his long term future, as Rambourg will have to wait until the investigation is complete before he can resume his former position.

Gartmore said the investigation was “no big surprise” and claimed it will not affect Rambourg’s position in the company.

It added that the FSA probe centred only on Rambourg and “not any other individuals or Gartmore itself”.

In the wake of the scandal shares in the firm tumbled by 30 per cent in a single day. Yesterday they fell 2.75 per cent to 120.2p.