Surprise Return

Guillaume Rambourg, a top trader and senior investment manager on the European equity team of London’s Gartmore Group, has made a surprise return to the company — initially as an investment analyst. Suspended at the end of March pending the outcome of an internal investigation into whether he had breached company procedures by directing trades, Gartmore announced on April 28 that it had found “no suggestion of dishonesty or a lack of integrity in Guillaume’s actions,” although he had indeed directed a small percentage of trades to certain brokers.

Those breaches, the company stated, “were not widespread.” Gartmore’s stock rose sharply from its previous day’s close of 142 pence. But not all analysts are convinced that the Rambourg saga is over. “The market’s reaction seems to overlook the fact that the Financial Services Authority still needs to give Rambourg a clean bill of health,” says Katrina Hart, a financials analyst for London-based Canaccord Adams.