LONDON (Reuters) - F&C Asset Management PLC FCAM.L, the British fund firm taken over by rebel shareholder Edward Bramson, has promoted Richard Wilson to the role of CEO in the latest of stage of a multipronged plan revive its flagging fortunes.
Wilson is expected to join the F&C board as an executive director with immediate effect and take up his role from January 2013, the firm said in a statement on Tuesday. The appointment is subject to FSA approval.
Wilson has 24 years experience in managing funds and is currently responsible for F&C’s investment and distribution activities. Before joining F&C, he served as head of International Equities at Gartmore and was a managing director in the Global Equities team at Deutsche Asset Management.
Bramson will revert to non-Executive Chairman of the Board after the group posts its full-year results for 2012.
Bramson, who won control in a controversial management coup 18 months ago, is pursuing a root-and-branch shake-up of the 144 year old company after several years of lacklustre share price performance.
The recovery plan has focused on cutting costs, streamlining the company’s workforce and cementing relationships with institutional as well as retail investors.
Wilson takes up his position in a time of stress for the UK fund management industry, as regulatory demands and spiralling costs compound the challenges of running money in turbulent markets.
F&C suffered 3.7 billion pounds ($5.96 billion) of net outflows in its fiscal third quarter, pushing assets down to 96.8 billion pounds at September 30 from 98.2 billion pounds in July.
Reporting by Sinead Cruise, editing by Laurence Fletcher