Rambourg quits to focus on FSA probe
GARTMORE’S star fund manager Guillaume Rambourg has resigned to concentrate on the Financial Services Authority’s investigation into his conduct, the company said yesterday.
Rambourg only returned to the firm in April, following an internal investigation that found he breached company rules by directing trades to specific brokers instead of allowing a separate team to allocate trades.
“I have been faced with a challenging set of circumstances which has resulted in me not being able to optimally fulfil my duties in the best interests of shareholders and investors,” said Rambourg.
Until his suspension in March Rambourg, aged 38, was responsible for around a fifth of Gartmore’s assets with colleague Robert Guy.
RAMBOURG’S STATEMENT:
I have taken the very difficult and personal decision to resign from Gartmore after more than 14 years so that I can devote all of my attention to cooperating with the FSA’s investigation and regain approved status. I have been faced with a challenging set of circumstances which has resulted in me not being able to optimally fulfil my duties in the best interests of shareholders and investors. I have, therefore, concluded that in the short term at least it is in nobody’s interests to continue in my current reduced capacity. It has been a great privilege to deliver performance for clients over the years. I wish all the best to Gartmore.