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Framlington chief Vogel quits to set up own firm

Framlington chief executive Mike Vogel has stunned the group by resigning to set up an independent private client investment business.

In a move which has left the fund management company temporarily without a chief executive, Vogel,who has been with Framlington for eight years, has left to pursue a long-held ambition to run his own firm which aims to service high-net-worth investors.

Framlington says the move will not put Vogel in direct competition with the company.

Over the last 12 months Framlington has risen from niche to mainstream player following Vogel&#39s recruitment of star fund managers Nigel Thomas and George Luckraft from ABN Amro early last year.

The deal prompted many IFAs to put the funds on recommended lists and has forced bigger fund management firms to view Framlington as a serious rival.

The fund firm&#39s board is due to meet soon to discuss potential replacements for the role of chief executive.

In the interim, Vogel&#39s role will be taken by the fund manager&#39s senior executive team, which is led by chairman Lord Douro.

He says: “While Mike&#39s departure is obviously a loss we have a strong management team and a sound business which will, I am sure, continue to prosper in the coming years.”

HCF Partnership partner Richard Craven says: “There is no question that it is a massive loss for Framlington and unfortunately timed with the Isa season just starting. Any bad news coming from fund managers at the moment could well put investors off.”

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