Guillaume Rambourg, a co-portfolio manager at Gartmore Investment Management who oversaw over a third of the firm’s assets, recently announced his decision to leave the investment and hedge fund manager in order to devote more time to the ongoing Financial Services Authority investigation into his conduct. In March of this year, according to Bloomberg, Gartmore announced an investigation into Mr. Rambourg, who allegedly used a few preferred brokers to buy or sell stock in violation of internal rules. The March announcement caused Gartmore shares to drop 31%; after the recent announcement of Mr. Rambourg’s decision to quit, shares fell over 9%.
Mr. Rambourg joined Gartmore in 1995 and managed Gartmore’s $2.3 billion AlphaGen Capella hedge fund along with Roger Guy. Gartmore has recently begun to decrease the roles of Mr. Guy and Mr. Rambourg, hiring additional fund managers like former Threadneedle Asset Management executive Darrell O’Dea and GAM Holding Ltd. veteran John Bennett.
John Bennett manages the Gartmore AlphGen Pan-European Equity Hedge Fund, which launched last month as a “sub-fund of a Dublin-domiciled Qualified Investor Fund umbrella (QUIF).” The new hedge fund takes long and short positions in European equity securities and follows an all-cap strategy, though most companies in the portfolio will have market caps that are greater than €1 billion.
Global Head of Alternatives Paul Graham commented, “The fund’s Dublin domicile is an example of how our operations platform can easily adapt to meet the needs of our clients in the face of regulatory change.” The fund’s management style will reflect the style of the GAM European Equity Hedge Fund, which Mr. Bennett ran for ten years, from 1999 to 2009, with an annualized return of 7.3%.
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