Shares in mid-cap London investment house Gartmore were under siege on Monday, after the departure of its star fund manager coincided with news of a strategic review.
The stock fell 16.7 per cent to 103.8p after the company said Roger Guy, head of Gartmore’s European large cap funds team, was to step down from day-to-day fund management. It also said Dominic Rossi resigned as chief investment officer to take a role at another fund manager.
Gartmore said it had appointed Goldman Sachs to conduct a strategic review of its operations, which it expected to complete by the time its preliminary results are due in March 2011. It also said a group-wide cost saving programme was expected to save £10m a year and that new equity representing up to 15 per cent of its issued share capital was earmarked “to retain and incentivise key employees”.
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