Yates takes on the role alongside former chairman and senior partner of Pricewaterhouse Coopers Kieran Poynter with immediate effect.
Yates recently retired as chief executive of Henderson Group, a post he had held since 1999. He began his career in the asset management industry with GT Management in 1981 and also served as chief investment officer at Morgan Grenfell Investment Management.
Yates will also be joining the Remuneration Committee at F&C, while Poynter will be joining the audit and compliance committee.
F&C chairman Nick MacAndrew says: “I am delighted that we have been able to attract two such high quality individuals to join the Board. It speaks volumes for the reputation of F&C and for the exciting future which I believe lies ahead. Both Kieran and Roger have had outstanding professional careers and they will bring substantial knowledge and experience to the table.”