CONTROVERSIAL trader Guillaume Rambourg is planning to launch a hedge fund in Paris – but without his former business partner Roger Guy.
Rambourg, who earlier this year was cleared by British regulators of breaking internal trading rules at Gartmore, will name the new fund Verrazzano, after the Verrazano-Narrows bridge that connects the New York boroughs of Staten Island and Brooklyn.
He has applied for an operating licence in France but, if successful, he will have to build the fund without Guy, with whom he ran Gartmore’s £5.5bn hedge fund business.
In March last year Rambourg was suspended from Gartmore for allegedly directing trades to favoured brokers. It sent the fund manager into a tailspin, with many of its top performers leaving, clients withdrawing more than £1bn and its share price plunging.
Rambourg resigned in July last year to concentrate on the FSA investigation and four months later Guy sensationally quit as well.
Rambourg was cleared by the Financial Services Authority in March but by then Gartmore had been sold to Henderson for a knock-down price of £335m.