Abbey head of client investment John Kelly has left the firm with immediate effect.
Kelly, who joined Abbey in March 2002, worked with James Bevan in setting up the multi-manager side of the business and has been sole head following Bevan’s departure in November 2006.
Santander Asset Management’s new chief investment officer John Bearman will take charge of the multi-manager portfolios.
Santander Asset Management, Abbey’s recently formed investment arm, took over the multi-manager portfolios at the start of the year. The group has already made changes to the range by bringing both the £1.2 Abbey National growth and £300m UK equity income funds in-house with new managers Richard Moore and Hak Salih hired to run them.
Santander AM UK manages over £11bn in assets. The firm has a broad range of multi-manager vehicles, including the £180m balanced, £119m UK equity and £68m growth funds.
BestInvest head of communications Justin Modray says: “John Kelly instigated the move for Abbey into the multi-manager market and Santander seems to be in the throws of backtracking on that decision so his decision to move on is not that great a surprise.”