Hargreaves Lansdown has removed the Gartmore European Absolute Return Fund from its Wealth 150 fund buy-list after star manager Roger Guy announced his retirement.
Rob Morgan, analyst at Hargreaves Lansdown, said it was recommending that clients consider looking at alternative European absolute return funds.
Management of the fund will fall to John Bennett who joined Gartmore from GAM at the beginning of the year.
Morgan said, ‘Whilst we believe John Bennett is a capable manager having performed well at GAM, he has only been at Gartmore since the start of this year.
‘Despite experience of running absolute return strategies at GAM, it is unclear what changes he might make to this portfolio and how he will adapt his approach.
‘This uncertainty means we no longer feel this fund represents one of the best opportunities in the absolute return sector, and we believe investors should consider alternative funds.’
Gartmore said it will merge its European Large Cap and All-Cap teams into a single European Equities team, led by John Bennett.
Guy will remain with Gartmore on a consultancy basis until May 2011, while senior portfolio manager Darrell O’Dea is also set to leave the company.
The departure of Guy follows the resignation of former co-manager Guilllaume Rambourg earlier this year.