Gartmore star fund manager Roger Guy has slammed the firm for its “excessive” internal compliance rules, which he says led to the suspension of co-manager Guillaume Rambourg.
According to reports, Guy spoke out in a private conference call held yesterday for investors in its £5.5 billion hedge fund business. Guy hit out at what he says were overzealous internal compliance rules that had been enforced at a bad time.
Rambourg was suspended on Tuesday regarding breaches in directional trades. News of the suspension saw Gartmore’s share price plummet by 30% with fears that the firm was connected with the FSA’s probe on insider trading, a claim Gartmore has dismissed.
Yesterday, Jeffrey Meyer, Gartmore chief executive officer, confirmed reports that Rambourg was suspended owing to concerns he may have directed orders to buy and sell shares to favoured brokers, violating internal rules. (article continues below)
Guy has offered Rambourg his full support, hoping that he will return to work within a month. He says he fought the rules when they were introduced, pointing to them being too excessive.
He says: “I’ve never been involved in day-to-day management of the firm, but maybe I should have been after this.”