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Up go the eyebrows

Richard Lloyd’s decision to call time on his 11-year tenure at Schroders was one of a number of strange moves for fund managers this week.

As co-head of structured products Lloyd was responsible for running one of Schroders most innovative products, the income maximiser and also the recently launched UK income defensive fund.

His departure has sparked a reshuffle as management of the funds passes to John Teahan, who has been on the structured team since 2003.

Meanwhile, Thomas See, who was Lloyd’s co-head, assumes the role as head of the open-ended structured products business.

Luke Browne will also step into Lloyd’s role as head of structured solutions.

Schroders has moved quickly to plug the gap left by Lloyd but perhaps the bigger story is what his new destination will be, given that the defensive maximiser was only launched for him last month. One assumes that it was a very good offer to tempt him away.

While Lloyd’s departure would have been a surprise, perhaps the biggest eyebrow raiser in the past seven days has been Gartmore’s decision to oust Bambos Hambi from the helm of its multi-manager range in favour of deputy Tony Lanning.

The company say the move is part of a restructure following a review of its five-strong multi-manager range. The restructure also extended to its investment trust business where head Jim Tennant has been replaced by head of investor relations Melissa Jones.

While Lanning is by no means inexperienced, having worked at both Arbuthnot Latham & Co and Origen, questions will be asked of the decision to remove such an experienced name like Hambi, who along with Marcus Brookes had built the firm into one of the major multi-manager providers in the market.

Hambi is likely to have no shortage of takers as he looks for a new position but as for Gartmore more questions will be raised as another big piece of the jigsaw is removed following the MBO with Hellman & Friedman back in 2006.

Hargreaves Lansdown investment manager Ben Yearsley says: “There have been so many manager changes which is highly unusual following a management buy-out and Bambos has been the most suprising of them all given the need for a strong multi-manager offering at this time. It does give Tony Lanning the opportunity to step up.”

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