Feeney had held a number of roles during his six year tenure at Gartmore, including managing the firms entire retail business.
His position had come into question after Gartmore announced the appointment of New Star’s Phil Wagstaff as global head of distribution back in June this year.
In addition to running the distribution business in recent times, Feeney also played an integral part in the group’s MBO alongside Hellman & Friedman back in October 2006. He had also been a member of the board and executive team.
Feeney had been offered a “number of alternative senior roles” by Gartmore in a bid to keep him at the firm.
Hargreaves Lansdown head of research Mark Dampier is not surprised by the departure.
“I guess with Phil Wagstaff’s addition it’s a case of too many people at the top. I can understand Paul being disappointed, but Phil may well be more retail friendly for Gartmore. However his enthusiasm for the business cannot be questioned and I expect Paul Feeney will want to be back in the business sooner rather than later.”