Glyn Jones, UK chief executive of Gartmore, the fund manager, has quit. His role will be taken by a global management committee, headed by Paul Hondros, who leads the global asset management businesses of Nationwide Mutual, Gartmore's parent.

Hondros said: "Glyn felt he wanted to be CEO of an integrated business, and he recognised that this business had become integrated on a global rather than a local scale." Hondros is global president and chief executive of Gartmore Group.