Guillaume Rambourg, co-manager of the European Absolute Return Fund was yesterday suspended by Gartmore pending an internal investigation. Gartmore are quick to point out that Guillaume Rambourg was in breach of internal rules and is not being investigated by the FSA. Specifically, Guillaume Rambourg has been suspended in relation to ‘directing trades’, a practice where a fund manager gives an order to a specific broker (usually as a reward for certain sell-side research). Gartmore is confident that regulatory requirements for best execution have been met and that clients have not been disadvantaged as a result. Roger Guy has confirmed that he remains committed to the company and its highest standards of integrity.
As a matter of prudence we have placed the fund rating as hold until we receive further information.