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
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
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
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
