Guillaume Rambourg resigns from Gartmore

Guillaume Rambourg, the European equity manager under FSA investigation, has resigned from Gartmore.

Rambourg, who was demoted to senior investment analyst after an internal investigation into directing trades in March, continues to face an FSA probe into his conduct.

The FSA has launched an investigation into Rambourg to determine whether he meets the regulator's standards of an approved person.

Gartmore CEO Jeff Meyer says Rambourg has decided to resign to put all his efforts into bringing an end to the FSA investigation.

"Guillaume Rambourg has concluded that under the current circumstances he is unable to fully contribute to the performance of the business," Meyer says.

"He has, therefore, decided to resign to devote his attention to concluding the FSA investigation into his conduct and to allow Gartmore to put these matters behind it. We respect his decision and wish him well for the future."

The news is a major blow for long-time co-manager Roger Guy, who had previously hoped for a speedy return to managing for his star sidekick.

Rambourg, who is the firm's sixth largest shareholder with a 3.9% stake, was seen as an integral part of the business, with he and Guy managing up to 40% of the group's assets.

Gartmore's shares fell 31.4% on news Rambourg had been suspended on 30 March, but jumped back 17.4% to 166.8p when it was announced he was coming back into the fold as an analyst. The shares closed Wednesday at 110.1p.

The group's European Large Cap team will continue to be led by Roger Guy, with support from former Threadneedle manager Darrell O'Dea, and Leopold Arminjon and Tomas Pinto.

Timeline of Rambourg's Gartmore tribulations:

30 March: Rambourg suspended pending the outcome of an internal investigation into trading activities

1 April: Roger Guy reaffirms his commitment to Gartmore

6 April: OBSR defers its ‘A' rating on the Gartmore European Absolute Return and its Sicav equivalent

28 April: Rambourg returns to Gartmore as an investment analyst

14 May: Gartmore reports outflows of £1.2bn following Rambourg's a suspension

1 June: FSA announces investigation Rambourg to determine whether he met the regulator's standards of an approved person

14 July: Rambourg resigns