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A spokesperson for Gartmore said Mr Hambi was in discussions with management and was "considering other opportunities within the company".

The announcement comes at the end of an assessment of the firm's multi-manager operation, which concluded it was impractical to continue running the three smaller products - the £6.1m Active, £4.1m Global High Alpha and £2.4m UK High Alpha funds - in their present form.

Whether all three vehicles will be merged together or whether the two alpha-focused offerings will be fused into one, is unclear.

In a statement, Gartmore confirmed Tony Lanning, currently deputy head of multi-manager, will now lead the multi-manager team.

Gartmore's spokeswoman insisted the shakeup was not a precursor to the firm exiting the funds of funds arena.

"First and foremost we remain totally committed to our clients and the multi-manager products," she said. "This is not a signal we are withdrawing from that market, but what we want to have is what clients want to buy."

Gartmore is also planning to refocus its investment trust business, which will see head of investor relations Melissa Jones take the lead role. As a result, Jim Tennant, head of investment trusts, is also considering other options within the firm.

Phil Wagstaff, head of distribution at Gartmore, said: "We are committed to delivering the highest levels of service and performance to all our clients. These changes will enable us to maintain our focus on and commitment to these important product areas."