What is beyond doubt is that although the [company’s] initial suspension of the fund manager was damaging to Gartmore’s share price and ability to attract new money to manage, the FSA inquiry did the most damage. In the end, funds fled the firm and the share price sank so low Gartmore had to put itself up for sale and was bought by Henderson for about half its flotation value 15 months ago.
Whatever the FSA might try to insinuate, it was its actions that killed Gartmore. It must justify its actions (or inactions.)
‘Enforcement 40’ for 2020
Join Us On LinkedIn
Join the Securities Litigation and Enforcement Group on LinkedIn