Ignis Asset Management has removed Neil Richardson as head of UK equities under a restructure of its UK desk.
Richardson and four analysts have been cut from the UK equ- ity team as the company tries to improve the performance of its legacy life company funds. The UK team manages the assets of Phoenix Group and over £10bn of funds in total.
Richardson and three of the analysts, Finlay MacDonald, Gary McAleese and John Stewart, are now in discussions with Ignis over other com- pany roles. The remaining analyst, Stacey Cassidy, has joined the Asia team.
The move comes after Ignis chief investment officer Mark Lovett’s review of the UK funds.
Lovett has since taken on the management of the mandates himself ahead of the appointment of new analysts.
An Ignis spokesman 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 area.”
Chelsea Financial Services managing director Darius McDermott says: “It is always difficult to make changes but when it is down to performance there is often no other alternative. Their UK retail range has had some strong performance recently.”