Lewis McNaught has left Gartmore after 16 years with the group, following a restructuring of its ins...
Lewis McNaught has left Gartmore after 16 years with the group, following a restructuring of its institutional and retail business.
His position as head of retail was deemed to no longer be needed as part of the restructuring process and has nothing to do with the recent buy out of Gartmore by US group, Nationwide Mutual Insurance.
It is believed McNaught will still be eligible for a £20m retention package set up by Nationwide upon its purchase of Gartmore earlier this year. It is expected McNaught could receive a small percentage of the £20m as part of the package agreed to prior to his departure.
The announcement of McNaught's departure, as well as that of Helen Marsden, director of institutional investment at Gartmore, comes just weeks after Paul Myners, executive chairman of Gartmore, said there would be no changes to the company's organisational structure following its £1.03bn takeover by Nationwide.
Peter Yandle, head of corporate communications at Gartmore, said McNaught left by mutual agreement.
McNaught's departure is not expected to impact on Gartmore's funds, according to Jason Hollands, deputy managing director at Best Investment.
He said: "Gartmore's strengths will continue to lie in its research processes and common approach to investing."
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