UK - Chief executive of Hermes Pensions Management Tony Watson has resigned as a non-executive director of Edinburgh Fund Managers (EFM).
In a statement EFM said: “He [Watson] has resigned as a result of disagreements with the rest of the board over the strategic policy and direction of the company.”
Hermes clients own 29.3% of EFM.
EFM has taken several blows this year. The firm suffered a 40% 1H profits crash, was forced to shut its North American offices in a bid to slash costs, and lost its biggest contract from the Edinburgh Investment Trust contract.
Hermes, which is owned by the BT Pension Scheme, has launched two takeover bids for EFM since last year. The first fell short of EFM’s expectations. But the second lot of talks broke down owing to Hermes’ fears that EFM would fail to retain the EIT contract.
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