Peter Lees has resigned from F&C Investments after he was replaced as manager of the F&C UK Alpha fund at the start of the year.
Mr Lees, who was director in the UK equities team, stepped down from running the £78.1m portfolio on January 1 2015.
F&C confirmed in December last year that Michael Ulrich and Tom Wilson would take over as managers of the fund following a period of “disappointing” performance.
A statement from F&C said: “Peter Lees has resigned after nine years with the company. We wish him the best in his future endeavours.”
According to FE Analytics, the F&C UK Alpha fund has remained bottom quartile in the IA UK All Companies sector over one, three, five and 10 years.
The fund returned 11.66 per cent in the three years to February 4, against the sector average of 41.84 per cent.
Mr Lees was also co-manager of the F&C Global Thematic Opportunities fund.
F&C said: “The fund is team managed by the global equities team. It has been jointly managed by Jamie Jenkins, Phil Doel and Peter Lees since April 2014. Jamie and Phil will now co-manage that fund with the team.”