High-profile fund manager Roger Guy has hit out at what he calls Gartmore's "excessive" internal compliance rules which he blames for the suspension of management partner Guillaume Rambourg this week.
Guy said the previous 24 hours had been the worst in his 20-year career, the Financial Times reports. He was speaking in a private conference call held on Wednesday for investors in Gartmore's £5.5bn hedge fund business.
The most important manager at Gartmore, Guy spent yesterday afternoon reassuring investors and draw a line under speculation about the company.
"Guillaume has my full support," Guy said yesterday, adding that he hoped Rambourg would return within a month. "He is a fantastic person and a fantastic fund manager."
Rambourg is alleged to have breached internal company rules at Gartmore, introduced after the company's listing in December. He is also alleged to have requested company dealers place trades with particular brokers - prohibited by Gartmore's regulations concerning best practice.
"I did not agree with the rule when it was introduced," Guy said to clients, adding that he had battled the changes when they were proposed. "I thought it was excessive."
Rambourg remains suspended pending the outcome of the internal investigation.
"I have never been involved in day-to-day management of the firm, but maybe I should have been after this," Guy said.
Guy rushed back from a skiing holiday on Tuesday after "getting a call on top of a mountain" telling him of Rambourg's suspension.
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