The chief executive of Zurich's life division in the UK, Gary Shaughnessy, has been promoted to head the division globally.

Drops list of signatories

Follows calls from Schroders

Which companies fell by the wayside during this year's volatility?

Group merges UK businesses into single entity

Effective 1 January

Richard Bullas, who co-manages the £193m Franklin UK Smaller Companies fund with Paul Spencer, said performance this year has been driven by companies at the bottom of the small-cap spectrum, but above the micro-cap space.

Follows tense semi-annual meeting

Not providing value for money

Reflects costs of running fund