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Gartmore's share price has fallen sharply this morning following the sudden resignation of star manager Guillaume Rambourg last night.
Rambourg, who is currently under an FSA investigation into his conduct, says he has resigned in order to clear his name and once again gain approved status from the regulator.
Gartmore shares dropped more than 9p, or 8.2%, to 101p. The group's share price is now 53% lower than its initial opening of 220p at its December IPO.
The former co-manager alongside Roger Guy on a number of Gartmore European equity products, Rambourg was working as an analyst for the past two months after being cleared by an internal Gartmore probe into directing trades.
In March, Gartmore's share price plunged 30% after it emerged the manager was under scrutiny for allegedly directing trades.
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| Comment | Gartmore shares fall 8% on Rambourg resignation |
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