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.