Gartmore saw £1.2bn redemptions following Rambourg suspension

Gartmore saw outflows of £1.2bn following the suspension of star manager Guillaume Rambourg, its first quarter results reveal.

The group saw assets under management grow by £1.3bn (6%) to £23.5bn over the first three months of the year. However, it saw huge outflows in the wake of Rambourg's suspension for breaching the firm's direct trading rules on 30 March. Around £834m worth of redemptions took place in April, with £568m withdrawn from mutual funds and £337m leaving segregated mandates. A further £380m was redeemed by hedge funds on 4 May. Total net outflows for the year to 30 April hit £708m. Chief executive Jeff Meyer says sales were improving and a significant proportion of redemptions were rescinded f...