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November 8, 2010

FT: Gartmore loses another star manager

By Spear's

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.

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”.

To read the full story, visit ft.com

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