Multi-manager chief Cheeseman quits F&C as funds go to Thames
Share
F&C head of multi-manager Dean Cheeseman is to leave the firm as his retail range passes over to Thames River Capital.
F&C manages £600m of multi-manager funds within its retail range, which will pass across to Thames River co-heads of multi-manager Gary Potter and Robert Burdett, subject to regulatory approval.
This would see Potter and Burdett with more than £1bn within their multi-manager range. The migration of the funds is expected to conclude by the end of the year.
It is understood the £260m F&C Lifestyle range will be a separate entity within F&C. F&C fund manager Paul Carne and analyst Catherine Sauer will move to Thames River and Carne will run the Lifestyle range. Remaining F&C manager Oliver Sonnbichler will also leave the firm.
Cheeseman joined F&C in December 2007, having been head of developed markets at Forsyth Partners. The news came a day after F&C announced the completion of the deal to acquire the specialist investment boutique.
Potter says: “Multi-manager has been a flagship product for both Thames River and F&C in the retail market and this will continue to be the case.
“We will build on the positive momentum we have seen in both our own and F&C’s range of multi-manager funds. Lifestyle has been an important focus for F&C in recent years, supported by a number of significant IFA strategic partners. We look forward to working with these clients.”
Whitechurch senior analyst Ben Seager-Scott says the company did not need two multi-manager heads so “something was clearly going to give”.
He says: “Since the acquisition was designed to bring in more expertise, the writing was pretty much on the wall soon after the initial announcement.”
If you enjoyed this article, sign up here to receive daily email updates from Money Marketing and Follow @_moneymarketing
