Gartmore's Rambourg apologises for his actions

Suspended fund manager Guillaume Rambourg (above) has apologised and stressed his commitment to Gartmore after it emerged he used instant messages via Bloomberg to 'direct' trades for almost a year.  

Rambourg breached company rules that were introduced in May of last year which banned fund managers from telling Gartmore’s trading staff which brokers to use on share deals, according to The Sunday Times.

The paper said all staff were given training and asked to take tests to make sure they understood they could no longer direct trades, but it has emerged that Rambourg continued to make recommendations via the Bloomberg messaging system. Prior to the introduction of the rule fund managers at the firm used the company's IT system to direct trades.

As the investigation gathers speed, Rambourg has apologised for his actions.

'I accept Gartmore’s reason for instigating this investigation and I am co-operating fully. I am sorry if my actions have inadvertently caused colleagues and clients uncertainty. I am committed to Gartmore and to its ethos,' Rambourg said.

The news comes as City law firm Clifford Chance, appointed by Gartmore to conduct an independent investigation, examines Rambourg’s emails, instant messages, phone calls and other files. 

Jeff Meyer, Gartmore chief executive, said it did not appear that Rambourg had profited from his actions.

Meanwhile pressure if growing on Gartmore to reveal  the identity of the members of the firm which are part of an ongoing investigation by the US Securities and Exchange Commission. 

Within the past week the embattled fund manager has admitted to being fined by the Italian regulator for improper trading, a judgement it is appealing, and it announced the suspension of its star fund manager Guillaume Rambourg.

Speaking in the Sunday Telegraph, Meyer said the US probe was not related to Rambourg as he went on a charm offensive to dampen the impact following a week of negative news.