F&C head of multi-manager Dean Cheeseman is to leave the firm as his retail range is set to pass 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 mean that Potter and Burdett would now run over £1bn within their multi-manager range. The migration of the funds is expected to conclude by the end of the year.
It is understood that the £260m F&C Lifestyle range will remain a separate entity within F&C. F&C fund manager Paul Carne and analyst Catherine Sauer will move over to Thames River, Carne will become manager of the lifestyle range.
The remaining F&C manager, Oliver Sonnbichler, is also leaving the firm.
Cheeseman joined F&C in December 2007 previously having been head of developed markets at Forsyth Partners.
The news comes only a day after F&C announced that 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 look forward to building on the positive momentum we have seen in both ours and F&C’s range of multi-manager funds. Lifestyle has been an important area of focus for F&C in recent years, supported by a number of significant IFA strategic partners, and we look forward to working with these clients.”