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Callaghan leaves Gartmore

Gartmore has confirmed the departure of European fund manager Tim Callaghan from the firm.

Callaghan had managed both the European growth and European focus funds before being placed in a consultation period last month after the firm decided to restructure the European desk.

Head of the European desk Stephen Jones has taken on the funds in the interim with mergers on the range a possibility. Both Callaghan’s funds were bottom quartile of the Investment Management Association Europe (ex UK) sector over one and three years when he was taken off the funds.

Callaghan, who joined Gartmore back in May 2001, looked set to leave the firm in June 2006 alongside Adrian Darley and Jon Fearon to join Resolution Asset Management but a last ditch attempt from Gartmore saw him stay.

His departure follows head of multi-manager Bambos Hambi who left when his desk was restructured with Tony Lanning taking his place as head of the five-strong range.

Investment trust chief Jim Tennant has also been replaced by the firm.

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