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Guillaume Rambourg Suspension

Guillaume Rambourg Suspension

Gartmore Suspends Hedge Fund Manager Amid Investigation

Gartmore, an investment fund firm in the UK, has suspended a top hedge fund manager a violation of "internal procedures."  The firm had a talk with the Financial Services Authority, the regulator which is conducting an investigation into possible insider trading, and decided to suspend Guillaume Rambourg.  The news sent Gartmore shares down by as much as 30%.
UK fund firm Gartmore (GRTR.L) suspended a top fund manager on Tuesday as it probed a breach of internal procedures, sending shares plunging to almost half the level at its initial public offering three months ago.
In a statement, Gartmore said Guillaume Rambourg, a close colleague of Gartmore's most high-profile fund manager Roger Guy, was suspended pending the outcome of an internal investigation into whether he had been "directing trades".
Gartmore declined to say officially what "directing trades" referred to, but a company source said the probe had related to favouring certain brokers when carrying out dealings.
The source also said there was no timeframe for an end to the investigation, and that no other Gartmore fund managers were under scrutiny.  Source


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http://richard-wilson.blogspot.com/2010/03/guillaume-rambourg-suspension.html
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