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Redemptions force F&C prime sale

F&C’s multi-manager team has been forced to sell a stake in its own UK prime fund following the departure of star manager Mike Felton who moved to M&G this week.

The firm has been making sales of the UK prime fund because of redemptions.

The values of the stakes which have been sold have been around £10,000 to £20,000 a time.

However, the multi-manager team at F&C insists that no decision has been made yet on an overall position with the fund.

Insight’s multi-manager team sold a £32m stake in the UK prime fund just hours after Felton made his shock decision to leave F&C, which completed its merger with Isis last month.

Felton started at M&G this week, where he will take over the firm’s £114m capital fund in the newly created role of head of UK retail equities.

The stake reduction in its own fund comes as F&C faces up to its fourth fund manager departure since the merger as head of Japanese equities Kerry Goh quit last week.

Goh’s departure follows the resignation of head of Pacific Christian Dangerfield and managers Felton, James Foster and Rowan Chaplin.

Japanese equity deputy manager Jamie Jenkins will fill the gap left by Goh and Mike Hanbury-Williams has been appointed as head of Pacific equities.

Head of media and communications Jason Hollands confirmed that the holdings in the UK prime fund had been cut, which had been due to “trimming” of the fund of funds.

He says: “No overall strategy has been developed. This would be in the hands of the fund of fund team anyway.”

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