Gartmore hit by departure of star trader

first_imgTuesday 17 August 2010 8:16 pm Tags: NULL GARTMORE’S chief executive yesterday insisted that his firm has put the sticky matter of star manager Guillaume Rambourg’s suspension and subsequent resignation behind it, despite suffering heavy outflows of investor cash over the first half of the year.Gartmore saw its assets under management dip by 10 per cent to £19.9bn over the six months to end of June, while net new business outflows over the period stood at £1.65bn.Chief executive Jeffrey Meyer admitted that the investigation into Rambourg’s conduct had been the primary driver behind the outflows, but said that the fallout from the affair had peaked.“Our business was doing very well in the first quarter, when we were executing the strategy we set out at the time of our IPO,” Meyer said. “We then had to hit the reset button in April, but the issue is now behind us and we are looking forward to regaining our momentum.”But Gartmore admitted it has seen continuing redemptions since the end of the period, with net outflows of £238m in July. £67m had been pulled from its alternative funds business as of 2 August, while the group has already received notices of £223m of redemptions on 1 September.Gartmore posted a 35.7 per cent year-on-year increase in net revenue for the first half, to £113.2m, though pre-tax profit halved to £25.8m.Meyer is pessimistic about an improvement in the volatile economic climate, predicting the Eurozone turmoil will shift to the US over the second half due to rising unemployment and tepid consumer spending.But he said Gartmore would press ahead regardless with a hiring drive, aiming to poach new investment teams, particularly in the US equity long/short arena. Show Comments ▼ Share Gartmore hit by departure of star trader center_img whatsapp whatsapp KCS-content More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.com Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeBetterBe20 Stunning Female AthletesBetterBeUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoinvesting.comCanceled TV Shows Announced: Full Updated Listinvesting.comUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndozenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.comUndoDaily FunnyFemale Athlete Fails You Can’t Look Away FromDaily FunnyUndothedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comUndolast_img

Leave a Reply

Your email address will not be published. Required fields are marked *