Chief exec quits FundQuest UK amid ‘reshaping’ at firm
More on Companies & People
- Fos reconsiders complaint in light of fresh evidence
- Fairstone strikes deal with Lancashire advice firm
- Alliance Trust confirms merger approach
In focus: Outsourcing Investments
FundQuest’s UK chief executive Antony John has left the multi-manager firm after parent company BNP Paribas said it would be “reshaping its activities”.
The departures came after the firm lost a number of fund managers and investment mandates and closed two funds in the past two years.
In a statement, the group said: “FundQuest is currently reshaping its activity, focusing on its core capabilities: manager selection and advisory.”
The group has named Gary Hilldrup, who has been chief executive of BNP Paribas Investment Partners UK since 2008, as interim chief executive in addition to his existing responsibilities.
Mr John first joined FundQuest along with star multi-managers Paul Kim and Richard Timberlake when BNP Paribas acquired their former firm IMS in 2008 and merged it with FundQuest.
Early in 2011, however, Mr Kim and Mr Timberlake left the firm to join LV= Asset Management. In March that year FundQuest lost a roughly £394.1m mandate running Aviva Investors’ fund of funds range, when Aviva hired managers to run the range in-house.
In October, FundQuest shut down half of its four-strong range of Select multi-manager funds, closing its CF FundQuest Global Select and CF FundQuest Select Opportunities products after they dwindled in size following the managers’ departures.
Global Select had £8.7m under management on February 28, but this had fallen to just £281,000 at the time of closure.
The Select Opportunities fund fell from £5.9m under management to £481,000.
FundQuest has recently changed the remaining two funds in the range from non-Ucits retail schemes to Ucits vehicles, saying this would allow it to start distributing them through BNP Paribas.
The group has also renamed the £79.4m CF FundQuest Select Income fund to CF FundQuest Select Cautious.
The fund has since ceased aiming to pay out a set level of income to its investors.
The group’s other fund range, the IFSL Sinfonia risk-rated funds, remained unaffected.