Gartmore's share price has fallen sharply this morning following the sudden resignation of star manager Guillaume Rambourg last night.
Rambourg, who is currently under an FSA investigation into his conduct, says he has resigned in order to clear his name and once again gain approved status from the regulator. Gartmore shares dropped 9p, or 8.2%, to 101p by shortly after 9am. The group's share price is now 53% lower than its initial opening of 220p at its December IPO. The former co-manager alongside Roger Guy on a number of Gartmore European equity products, Rambourg was working as an analyst for the past two months after being cleared by an internal Gartmore probe into directing trades. In March, Gartmore's shar...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
