UK firm F&C Asset Management's head of funds of funds has resigned to join a new investment company backed by Axa Group. The departure of a senior figure comes as majority owner Friends Provident searches for potential investors in the business.
Richard Philbin resigned from F&C this week, where he was responsible for nearly £1bn (â¬1.3bn) of assets, and will join an investment company focused on multi-manager products that Axa will launch this summer. A source familiar with the situation said he would be chief investment officer but the spokeswoman declined to comment on his position.
