Manager of Isis UK Prime Mike Felton has resigned from the merged F&C group, as former Isis CIO Robe...
Manager of Isis UK Prime Mike Felton has resigned from the merged F&C group, as former Isis CIO Robert Talbut is to join Royal London Asset Management.
Felton had accepted a lead role as head of UK high alpha and specialist funds at F&C Asset Management, which resulted from the merger of Isis and F&C. However, he surprised the group last week by announcing he wanted to terminate his employment immediately.
Jason Hollands, head of communications at F&C Asset Management, said: "We were surprised by this move given Felton was instrumental in putting the team he wanted together and seemed committed to the company."
Derek Mitchell, who is Felton's deputy on the £103m UK Prime fund, will take over management of Felton's portfolios in a caretaker capacity. Mitchell also manages the Isis UK Select investment trust. Felton's departure follows the announcement by James Foster two weeks ago that he would not be returning to the merged group following his sabbatical.
Talbut also left Isis several months ago as part of the restructuring from the merger with F&C and starts at RLAM as CIO on 1 November.
For the past year, Andrew Carter has held the role of both chief executive and CIO at RLAM. Carter was previously CIO but was promoted to do both roles following the departure of Chris Phillips for Scottish Widows a year ago.
As CIO, Talbut will take responsibility for stock and asset allocation decisions, enabling Carter to focus on the operation and expansion of the business as CEO. Ironically, he started his career at RLAM as a UK fund manager after graduating from university in 1983.