The Financial Services Authority has begun an investigation into Guillaume Rambourg, a fund manager at London-headquartered asset manager Gartmore, for allegedly directing trades to preferred brokers, the Financial Times reports.

Rambourg was suspended in March but returned when an internal investigation found that the trading breaches were “not widespread” and there was “no suggestion of dishonesty or lack of integrity.”

Gartmore said: “The FSA has now confirmed that it is to commence an investigation into the conduct of Guillaume Rambourg to determine whether he has met the standards required of an FSA-approved person.

“Gartmore and Guillaume Rambourg are co-operating fully with the FSA with a view to assisting it to complete the investigation as expeditiously as possible.”

Gartmore also said it intended to ask the FSA to restore Mr Rambourg’s status as an approved person so it could reappoint him as a fund manager “subject to a satisfactory outcome of the FSA investigation.”