Ignis Asset Management has removed head of UK equities Neil Richardson as part of a restructure of its UK desk.
Richardson and four analysts have been cut from the UK equity team as the firm attempts to improve the performance of its legacy life company funds. The UK team manages more than £10bn of funds.
The announcement comes after on the back of Ignis chief investment officer Mark Lovett’s review of the UK funds.
Richardson and three of the analysts, Finlay MacDonald, Gary McAleese and John Stewart are now in discussions with Ignis over other roles within the company. The remaining analyst, Stacey Cassidy, has joined the Asia team.
Lovett has since taken on the management of the mandates himself with the appointment of new analysts set to be made in due course.
A spokesman for Ignis Asset Management says: “These decisions have been made as part of our plans to improve the performance of our life company funds in the UK. There will be no changes to our retail range on the back of the move as we are happy with performance in that space.”