Shares in Gartmore have fallen after speculation linked one of its fund managers, Roger Guy, to a Financial Services Authority (FSA) investigation into insider dealing, it has been reported.
Mr Guy manages over 20 per cent of Gartmore's £21 billion investments with his co-manager Guillaume Rambourg, the Daily Telegraph has revealed.
A spokesperson for Gartmore spoke to the paper and denied that any wrongdoing had been carried out by Gartmore: "No one from Gartmore is involved in the investigation."
US-based hedge fund Moore Capital, boutique London broker Novum Securities, BNP Paribas and Deutsche Bank have also been linked to the FSA investigation, which is being carried out with the Serious Organised Crime Agency (SOCA).
Together, they have so far arrested seven people, with 143 FSA personnel working with officers from SOCA to carry out the operation.
The joint investigation started in late 2007 and more details are expected to emerge soon, those with FSA authorisation will be interested to hear.