Gartmore head of distribution Paul Feeney has brought an end to months of speculation by quitting the firm.
Feeney has held a number of roles during his six years at Gartmore, including heading the firm’s retail business.
His position came into question after Gartmore appointed New Star’s Phil Wagstaff as global head of distribution in June.
As well as running the distribution business, Feeney also played an integral part in the group’s management buyout in 2006, which was backed by Hellman & Friedman. He was also a member of the board and the executive team.
Feeney was 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 says he is not surprised by the departure.
He says: “I guess that, with the addition of Phil Wagstaff, it is 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, Paul’s enthusiasm for the business cannot be questioned and I expect he will want to be back in the industry sooner rather than later.”
Chelsea Financial Services managing director Darius McDermott says: “The moment Phil Wagstaff joined Gartmore, it did look somewhat inevitable that Paul Feeney was going to leave but Paul has done a fantastic job in his time there, culminating in the MBO that has solved a number of ownership issues that have loomed over the firm for some time.”