Gartmore boss adds to stake

Jeffrey Meyer, the chief executive of investment manager Gartmore Group has invested nearly £349,000 in the company's shares.

Meyer acquired 300,000 shares at 116.23p each. Gartmore floated last December at a placing price of 220p a share. At that time, Meyer raised £956,000 from selling 434,699 shares at the placing price.

Meyer owns nearly 4m shares in Gartmore, equivalent to 1.26% of the share capital.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

A number of other Gartmore directors also added to their holdings. The most noteworthy were finance director Keith Starling, who bought nearly £50,000 worth of shares, and independent non-executive director David Lindsell, who spent nearly £35,000 on increasing his stake.

The Financial Services Authority (FSA) is investigating the conduct of Guillaume Rambourg, one of Gartmore's star money managers, who was the subject of an internal investigation by Gartmore in April.

Gartmore had £22.4bn under management at the end of April but there was an outflow of £380m on 4 May.

Top Director Buys

Gartmore Group (GRT) Director name: Mr Jeffrey Meyer Amount purchased: 300,000 @ 116.23p Value: £348,690

Edinburgh Worldwide Inv Trust (EWI) Director name: Mr David A ColtmanAmount purchased: 60,000 @ 255.00p Value: £153,000

BTG (BGC) Director name: Ms Louise MakinAmount purchased: 55,149 @ 186.95p Value: £103,101

Lonmin (LMI) Director name: Mr Jonathan LeslieAmount purchased: 4,900 @ 1,625.00p Value: £79,625

Gartmore Group (GRT) Director name: Mr Keith Starling Amount purchased: 42,675 @ 116.23p Value: £49,601

Gartmore Group (GRT) Director name: Mr David LindsellAmount purchased: 30,000 @ 116.23p Value: £34,869

XP Power (XPP) Director name: Mr Andy Sng Amount purchased: 6,000 @ 577.00p Value: £34,620

Top Director Sells

BTG (BGC) Director name: Ms Louise MakinAmount sold: 145,945 @ 188.45p Value: £275,033