Ex-Gartmore star Gervais Williams goes to MAM Funds

Gervais Williams, one of several star fund managers to have quit Gartmore this year, today re-emerged as managing director of the small AIM-listed fund manager MAM Funds.

Williams, new chairman Ian Dighe and new distribution director Graham Hooper are putting up £3 million of their own money as part of a £20 million fundraiser at 33p a share.

At Gartmore Williams ran almost £350 million of retail funds, mainly under smaller company or growth company categories.

He quit in September, two months before top manager Roger Guy left, forcing the fund management giant to put up a potential "for sale" sign.

Dighe said: "There is a significant market opportunity to build a leading fund management business and we believe that the new management and strengthened capital base will provide the foundation for MAM to exploit this opportunity."

Colin Rutherford, who has been executive chairman of MAM Funds for the past two years, will step down.

MAM shares gained 2½p to 30½p.