The FSA will commence an investigation into Gartmore manager Guillaume Rambourg to determine whether he met the regulator's standards of an approved person.
Gartmore's says it passed the findings from its internal investigation of Rambourg over a possible breach of directed trades, and now the FSA plans to investigate further.
While the FSA plans to investigate Rambourg, Gartmore says it remains its intention to apply to the FSA to have his approved person status restored in order to reappoint him as a fund manager, subject to a satisfactory outcome of the FSA investigation.
"The FSA has now confirmed that it is to commence an investigation into the conduct of Guillaume Rambourg to determine whether he has met the standards required of an FSA approved person," Gartmore says.
"The FSA has also confirmed that it is only investigating Guillaume Rambourg and not any other individuals or Gartmore itself.
"Gartmore and Guillaume Rambourg are co-operating fully with the FSA with a view to assisting it to complete the investigation as expeditiously as possible.
"As is normal practice, the FSA has not been able to give Gartmore any firm indication on the time it expects this investigation to take."
In the meantime, the funds and portfolios run by the European large cap team will continue to be managed by Roger Guy and Darrell O'Dea supported by a team of investment analysts, including Rambourg.
Avoids paperwork with two-step process
Investment process will use machines
Mark Sterling accused of operating a collective investment scheme without authorisation
'Increasing engagement will only favour those prepared to put in the effort'