Thames River co-founder Porter to leave F&C
F&C’s head of funds and investment trusts Charlie Porter is to leave the firm after selling his Thames River boutique to F&C just two years ago.
Mr Porter, who helped sell Thames River Capital to F&C in 2010, took responsibility for investment trusts in June last year as part of a restructure, but is now understood to be leaving the role.
Under the new structure which was implemented last year, Mike Woodward, head of investment trusts, reports to Mr Porter, as did head of marketing Tracy Fennell, who joined last year from Scottish Widows Investment Partnership to develop and implement marketing strategies across the group, including Thames River and F&C Reit.
F&C has been undergoing a cost cutting programme led by activist investor Edward Bramson, who is now chairman of the FTSE 250 asset manager.
In March this year, Edward Bramson, executive chairman at F&C, said cost savings in 2011 exceeded the expected amount, adding that the full £33.2m cost reduction programme was “on track and will substantially be achieved by year end”.
The group recently cut the headcount on its global emerging markets equity team by two and removed the role of head of government bonds as part of the cost reduction exercise.
Mr Porter is a co-founder of Thames River Capital and joined F&C in 2010 when the latter announced it was buying the boutique for a deal worth approximately £53.6m.
F&C Asset Management announced in May it was to scrap the Thames River Capital brand on its retail funds as it seeks to bring the business under a single name.
Thames River, the brand used on the group’s multi-manager funds run by Gary Potter and Rob Burdett and other vehicles including the £735.3m Global Bond fund run by Paul Thursby and Peter Geikie-Cobb, will no longer be used.
However, a spokesman for F&C said at the time that the Thames River brand could be revived for specialist products launched in the future - although added there were no firm plans as to what these products might be.
An F&C spokesperson declined to comment.