View more on these topics

Richard Philbin quits F&C

F&C Asset Management multi-manager co-head Richard Philbin is leaving the firm after seven years to join Axa.

As revealed in this week’s Money Marketing, Philbin resigned this week passing over the running of the £1bn multi-manager range to Dean Cheeseman who joined the firm in December.

It is understood Philbin will be chief investment officer of a new business, to be run by chief executive Mike Kellard.

Cheeseman, who has been co-managing F&C’s UK retail fund of funds products, has now been appointed head of funds of funds.

F&C’s head of UK retail Nick Criticos says: “We have always said that a key strength and differentiator of our multi-manager proposition is that it is underpinned by a robust quantitative screening process and that remains in place. It is therefore very much a case of business as usual.

“Multi-manager is a core product area for F&C where we have seen strong sales momentum in recent years. We are committed to further growing this business. Recruiting Dean at the end of last year was without doubt a real coup for F&C and we are very confident that he is the absolutely the right person to take this business forward.”

Hargreaves Lansdown investment manager Ben Yearsley says: “F&C has a strong multi-manager range but having lost Richard and Tom Caddick to LV= late last year it is a good job they appointed Dean as they would have been short.”

Chelsea Financial Services managing director Darius McDermott says: “It’s a shame Richard has left but Dean is a good manager and I’m sure he will do a good job there.”

Axa head of PR and communications Paul Riddell says: “We can confirm Richard is set to join our as-yet-unnamed investment company, due to launch later this year.”

Axa chief executive Mike Kellard will lead the new business, which will be run independently from Axa but will have its financial backing.


Persimmon halts new starts

Housebuilder Persimmon has postponed starting work on its scheduled new sites after it revealed a slump of 18 per cent in sales volumes this year.

FOS battle hits Court of Appeal

The Financial Ombudsman Service spent three days in the Court of Appeal last week in a bid to defend its decision-making practices and charging structure.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm