F&C head of multi-manager Dean Cheeseman is to leave the firm as his retail range passes over to Thames River Capital.
F&C manages £600m of multi-manager funds within its retail range, which will pass across to Thames River co-heads of multi-manager Gary Potter and Robert Burdett, subject to regulatory approval.
This would see Potter and Burdett with more than £1bn within their multi-manager range. The migration of the funds is expected to conclude by the end of the year.
It is understood the £260m F&C Lifestyle range will be a separate entity within F&C. F&C fund manager Paul Carne and analyst Catherine Sauer will move to Thames River and Carne will run the Lifestyle range. Remaining F&C manager Oliver Sonnbichler will also leave the firm.
Cheeseman joined F&C in December 2007, having been head of developed markets at Forsyth Partners. The news came a day after F&C announced the completion of the deal to acquire the specialist investment boutique.
Potter says: “Multi-manager has been a flagship product for both Thames River and F&C in the retail market and this will continue to be the case.
“We will build on the positive momentum we have seen in both our own and F&C’s range of multi-manager funds. Lifestyle has been an important focus for F&C in recent years, supported by a number of significant IFA strategic partners. We look forward to working with these clients.”
Whitechurch senior analyst Ben Seager-Scott says the company did not need two multi-manager heads so “something was clearly going to give”.
He says: “Since the acquisition was designed to bring in more expertise, the writing was pretty much on the wall soon after the initial announcement.”