Gartmore starts ‘strategic review’ as Guy quits

Mon Nov 8, 2010

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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 Williams.

Darrell O'Dea, the former Threadneedle European...

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