Roger Guy, the star fund manager who this morning announced his retirement after 17 years running money at Gartmore, has suffered a paper loss of £20.4m since the UK-listed firm's initial public offering at the end of last year.

Guy, Gartmore's largest individual shareholder, has a 5.4% stake, according to Bloomberg, dating back to when the company floated in December at 220p. At the time, it was worth £37.6m.