A bad year for Gartmore, the beleaguered London-listed asset
manager, took a dramatic turn for the worse today as the firm
announced the departure of its star fund manager Roger Guy and
the start of a strategic review led by Goldman Sachs that is
likely to lead to a sale or merger of the group.
Guy, the manager of the firm's large-cap European equities
funds, has been the instigator and figurehead of Gartmore's
hedge fund business - which has been the chief engine of the
group's growth and profitability over the years, and which now
looks to be in disarray.
His departure follows that of his co-manager and long-term
business partner Guillaume Rambourg earlier this year,
following an internal and FSA inquiry into his dealing
activities, and that of other well-known fund managers in
recent months including long-time small-caps head Gervais
Darrell O'Dea, the former Threadneedle European...