'Recovery stock' Gartmore can bounce back - Peak

Henderson's Stephen Peak, one of the largest shareholders in Gartmore, believes investors who have continued to flee the troubled asset manager will be proved wrong over the long-term.

Peak, who owns an 11% stake in Gartmore, has seen the value of his investment fall by more than 50% since buying in at the IPO in December last year - mainly due to issues surrounding former star manager Guillaume Rambourg. Gartmore shares had already fallen significantly following the March announcement Rambourg was to be under internal investigation into directing trades. The group's shares dived even further last week on the manager's resignation. However, Peak remains confident Gartmore can restore investor confidence. "Gartmore is primarily an equity manager and in the shorter...