Bloomberg News

Former Gartmore Trader Rambourg Said to Start Paris Hedge Fund

October 05, 2011

Oct. 5 (Bloomberg) -- Guillaume Rambourg, the former Gartmore Group Ltd. money manager who quit last year amid a regulatory probe, will start a Paris-based hedge fund, said three people familiar with the matter.

Rambourg’s Verrazzano Capital will trade stocks, as he did at London-based Gartmore, said the people, who declined to be identified because his plans are private. Rambourg has hired Karim Moussalem, who was previously head of the Delta One trading unit for Goldman Sachs Group Inc. in Europe, the people said.

A probe by the U.K.’s Financial Services Authority into whether Rambourg had improperly directed buy and sell orders to favored brokers ended seven months ago, without any disciplinary action being taken against the trader. Rambourg had earlier been suspended by Gartmore, setting off investor withdrawals and the eventual sale of the firm to Henderson Group Plc for 391 million pounds ($604.6 million).

A spokesman for Rambourg declined to comment. Financial News in July reported Rambourg’s plans to start a Paris-based hedge fund and his hiring of Moussalem, whose Goldman Sachs unit handled the firm’s cash-trading and derivatives-flow business.

Verrazzano Capital has hired 15 employees, including Tomas Pinto, a former Gartmore senior analyst, said the people. The firm plans to start marketing to investors this year and will start trading in 2012.

The day Gartmore suspended Rambourg in March 2010, its shares plunged 31 percent. He returned to Gartmore a month later as an investment analyst, only to quit after the FSA announced it had opened an investigation into his actions. He managed 8.1 billion pounds, or more than a third of Gartmore’s assets at the time, with Roger Guy.

--Editors: Francis Harris, Jon Menon

To contact the reporter on this story: Jesse Westbrook in London at jwestbrook1@bloomberg.net

To contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.net


Toyota's Hydrogen Man
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus