UK - Goldman Sachs has been appointed to carry out a strategic review of beleaguered fund group Gartmore.
This comes as Dominic Rossi (pictured) resigned as chief investment officer of Gartmore to join Fidelity Investment Managers and veteran fund manager Roger Guy has announced he will retire.
Subject to FSA approval, Rossi will become Fidelity's global chief investment officer of equities, reporting to chief executive Robert Higginbotham. Rossi will be responsible for the group's equity capabilities, including portfolio management, research, derivatives, trading and corporate finance.
Gartmore chief executive Jeffrey Meyer will resume Rossi's CIO responsibilities, a position he held for three years to November 2008, until a successor is found.
This comes as Gartmore veteran Roger Guy announced he will retire from day-to-day fund management.
Guy, who leads the group's European large cap team, will be replaced by John Bennett, as Gartmore brings its European operations into one single team.
In addition, Guy's recently arrived co-manager Darrell O'Dea will also leave the group. O'Dea was brought in following the suspension of Guy's former right hand man Guillaume Rambourg, who subsequently quit the firm earlier this year to focus on a FSA investigation into his conduct.
Rambourg's suspension was a blow to Guy, who was fully confident his former co-manager would be able to resume his fund management role.
Also, in a further dent to the company, CIO Dominic Rossi has decided to leave for another asset management firm. CEO Jeffrey Meyer will resume CIO responsibilities, a position he held for three years to November 2008, until a successor is found.
Gartmore says Guy will continue to manage funds and will work closely with the new European equities team to ensure the smooth transition of his responsibilities to Bennett. This transition will be fully implemented in the New Year.
Guy will remain available to the company on a consultancy basis until May 2011.
Currently, Guy's large cap team has £3.5bn ($5.7bn) of AUM, comprising £1.3bn in alternative funds, £0.5bn in mutual funds and £1.7bn of segregated mandates.
Meyer says the board remains confident in the medium-term outlook for the company.
"Roger Guy's decision to retire follows 17 years managing money at Gartmore. We respect his wish to spend more time pursuing other interests, not least spending more time with his young family," he says.
"We are pleased to have him available until next May to ensure a smooth transition. The best interests of our clients have been and will continue to be thevvimperative for Gartmore.
"We have a seasoned and highly skilled European equity capability led by John Bennett whose team successfully transitioned the management of a significant portion of our European mutual fund products from Roger earlier this year."
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