Gartmore's suspended fund manager Guillaume Rambourg used the Bloomberg instant messaging system to "direct" trades for nearly a year, the Sunday Times reports.
Jeff Meyer, Gartmore's chief executive, told the paper Rambourg circumvented a company rule introduced on 15 May last year.
Staff were given training sessions and asked to take a test to make sure they understood that they could no longer direct trades.
"That is what has caused us the most concern about Guillaume - it is a behavioural issue. He knew what the rules were but continued as he had before," said Meyer.
Rambourg, who owns 4% of the firm, did not appear to have profited from his actions. "I'll jump off this building if he was doing it for profit," Meyer added.
The rule banned fund managers from telling Gartmore's trading staff which brokers to use on share deals. Before it was introduced, fund managers would use the company's own IT systems to pass messages suggesting that business be directed to a certain firm.
Compliance officers discovered Rambourg had continued to make recommendations - not via the company IT system, but through the Bloomberg messaging system.
Rambourg said he would co-operate with the current internal investigation. "I accept Gartmore's reason for instigating this investigation and I am co-operating fully. I am sorry if my actions have inadvertently caused colleagues and clients uncertainty," he said in a statement, adding: "I am committed to Gartmore and to its ethos."
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