F&C head of UK IFA operations Philip Childs has left the company with immediate effect after 20 year...
F&C head of UK IFA operations Philip Childs has left the company with immediate effect after 20 years at the firm.
Childs said he is 'extremely happy' with his situation, is taking time to assess his career prospects and has several options.
Childs was managing director of F&C's unit trust company from 1987 to 1991, at which point he moved to develop business in the Channel Islands until 1996, when he again became managing director.
'I've had 20 happy years at F&C and I think I'm entitled to have a change, which is precisely what I'm doing,' Childs said.
UK sales director Jamie Farquhar assumes Child's role on an interim basis, reporting to Laurence Llewellyn, the newly recruited head of F&C's retail business.
Llewellyn joins from Citigroup, where he revamped the retail product range and integrated the European product design and sales process.
F&C is also considering winding up its range of 10 Jersey-domiciled Reserve Asset funds in order to cut costs as part of a move that is expected to close up to 15 funds in total expected.
The Jersey funds, most of which have less than £10m in assets, have extremely high total expense ratios because of their small size.
Staying invested could prove lucrative
Consider lasting powers of attorney
Less environment, more governance threatens to undermine firms' green credentials
Evidence your compliance