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New foundation opened by ‘star manager’ Rambourg

Finance | Gareth Jones | 27 Jun 2011

A new charitable foundation with a multi-million pound kitty has been created by former fund manager Guillaume Rambourg.

As initial funding, Rambourg has given the foundation his entire stake in the UK asset manager Henderson, worth an estimated £13.8m.

Going forward, the Rambourg Foundation says it aims to “collect donations from third parties via dinners or sporting events”.

It says it will make “selective donations” to “organisations focusing on the protection/enhancement of human rights, the advancement of education, the relief of financial hardship and the preservation of health, locally and globally”.

Admin costs pledge

A notable feature of the foundation is its “100 per cent pledge”, with operating costs fully underwritten by trustees in order to ensure that “every penny donated will reach the people in need”.

The charity’s website adds: “Your donation will go directly to our office in London, staffed by experienced professionals who monitor the progress of our projects to ensure on time and on budget completion.

“That office also sees to it that your dollar is stretched as far as it will go once it reaches the people in need because of the familiarity they have with doing business in the country.”

Investigation

Rambourg hit the headlines last year when he was suspended by the Gartmore investment house for allegedly breaching internal trading rules, though the company found no evidence of wrongdoing.

He later resigned in order to concentrate on an investigation into his conduct by the Financial Services Authority, which eventually cleared him of any accusations.

Gartmore was bought by Henderson earlier this year after the loss of Rambourg and fellow fund manager Roger Guy caused share prices to tumble.

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