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Rambourg not probed by SEC

GARTMORE management has written to intermediaries stressing that Guillaume Rambourg, the trader who is embroiled in a number of investigations, is not part of a US probe into the fund manager’s business.

The letter, written by UK head of retail Richard Pursglove, said that the US Securities and Exchange Commission (SEC) investigation did not involve Rambourg or the internal investigation currently being conducted.

Pursglove said that Gartmore management continued to co-operate with the SEC during the investigation, which centres around a “single isolated and inadvertent breach in May 2009”.

The letter went on to say that timing of Rambourg’s suspension coincidently fell during the same week that seven UK traders were arrested by the Financial Services Authority (FSA) but the two were not linked.

Pursglove did not mention star fund manager Roger Guy’s connections to Clive Roberts, one of the seven arrested. The letter said Guy remained at his desk and continued to manage portfolios.

“We [are] incorrectly linked to the [FSA] investigation which is unfortunate and frustrating,” said Pursglove.