Guillaume Rambourg, one of the UK's highest profile hedge fund managers, has been suspended by his employer Gartmore pending an investigation into breaches of internal procedures. Gartmore's share price fell 16.5% at 4.07pm BST, when the announcement was made.

Gartmore, whose shares were listed at 220p last December, said in an official statement to the London Stock Exchange: "Following consultation with the FSA today, Gartmore has suspended Guillaume Rambourg pending the outcome of an internal investigation in relation to breaches of internal procedures regarding directing trades. In the meantime, assets managed by Guillaume Rambourg continue to be managed by Roger Guy.