Gartmore has suspended high profile fund manager Guillaume Rambourg pending the outcome of an internal investigation in relation to trading breaches.
Following consultation with the FSA today, Gartmore suspended Rambourg until conclusion of the investigation into directing trades.
In the meantime, assets managed by Rambourg continue to be managed by Roger Guy. Gartmore says it has not identified any information to date which suggests its clients have suffered any loss as a result of these breaches.
Gartmore's share price has plummeted more than 30% on the news.
Guy and Rambourg manage more than 20% of Gartmore's £21bn investments. The pair account for about 40% of group revenues, including performance fees.
AlphaGen Capella, the duo's flagship fund, had about $2.2bn of assets at the end of January. They also run the group's European Absolute Return fund.
Gartmore says Rambourg's suspension is not connected with the recently-reported joint investigation on insider dealing by the FSA and Serious Organised Crime Agency.
The news follows yesterday's speculation about links between Guy and a broker caught up in the FSA probe.
Despite denials of any wrongdoing, Gartmore shares were hit by fevered City speculation about links between Guy and Clive Roberts, head of equities at Exane BNP Paribas, The Telegraph reported.
Gartmore categorically denies any wrongdoing by staff. "No one from Gartmore is involved in the investigation," it said.
More to follow...
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