Gartmore suffers £2bn net outflow in 2010

Gartmore has suffered almost £2bn of net outflows so far in 2010 as the firm continues to struggle following suspension and subsequent resignation of star manager Guillaume Rambourg.

The group, which had £20.3bn of assets under management at 31 July, has also received £223m of redemption notices due on 1 September, the first available dealing day open to investors to redeem following the announcement of Rambourg's resignation last month. Investors stripped out £1.65bn from the group's funds over the first six months of the year, while net outflows hit £238m in July and £67m on 2 August. Rambourg, who worked closely with Roger Guy, was demoted to senior investment analyst after an internal investigation into directing trades in March. He continues to face an FSA pr...