Merian

James Clunie among high-profile departures

Fund manager changes drive outflows

Martin Canavan joins as sales director

UK's second-largest retail fund manager formed

Smith among five to leave firm

Flurry of mergers potentially puts smaller fund houses at risk

Replaced by Paul Marriage's smaller companies fund

Replaces Steve Davies

Kestrel joint CEO and co-founder John Ricciardi and team join Merian

July closures