Gartmore on Tuesday reported a 15% decline in assets under management as investors pulled cash and fund performance sank in the May and June stock sell-off.

The UK fund manager, which hit the headlines in spring for suspending one of its top portfolio managers, Guillaume Rambourg, who later left the company, said assets under management slipped to £19.9bn at June 30, from £23.5bn at the end of March and £22.2bn at the end of 2009.