Merrill Lynch Investment Managers has been rocked by another major departure, with Elizabeth Corley, head of a number of regional retail desks, leaving the group to pursue other interests.
Corley, head of retail for Europe, Asia, Africa and the Middle East, is the second person to leave the company this month following the high-profile departure of head of UK retail Michael Jones. But while Jones' exit sparked a management reshuffle, MLIM says it has no immediate plans to retain Corley's position.
It is thought her responsibilities are likely to be spread among managers on the individual desks.
MLIM says it does not know what Corley, who joined MLIM in the mid-1990s after its acquisition of Mercury Asset Management, plans to do and refuses to comment on when she is likely to leave the group.
But her departure so soon after Jones has prompted IFAs to question the stability of MLIM at a time when the firm's commitment to the retail market is being questioned.
Hargreaves Lansdown investment manager Ben Yearsley says: “Why does MLIM lose so many senior staff? Again, you have to ask whether it is bothered about the retail market or if it is simply looking to pull in more institutional mandates.”
An MLIM spokesman would only confirm that Corley was leaving to pursue other interests and that there were no immediate plans to replace her.