GLOBAL - Tony Broccardo, CIO of F&C, is to leave the firm shortly after his position was terminated and replaced with a new role of head of investments.
A spokesperson for the firm refused to confirm whether he was made redundant, but said: “He is leaving the company, his position was terminated.”
Global Pensions understands Broccardo was not offered an alternative role within the company.
The decision to re-structure was made by incoming CEO Alain Grisay, who takes up his position in January.
Fernando Ribeiro, who joined F&C in 2001 and recently set up and developed the firm’s Asset Liability Modelling/Liability Driven Investment group, is to take on the new role, effective immediately.
“Alain [Grisay], the CEO believes the fund management industry faces new challenges going forward and that Fernando, with his experience of running the business, was the best person for this role,” the spokesperson added.
“The head of investments is bringing with them a different skill set, it’s basically business management skills rather than just concentrating on managing funds.”
Broccardo joined F&C in 2002, leading the firm through its merger with ISIS.
Announcing the changes, Grisay said, this role recognises the complexity of managing a business with some 160 investment professionals. The new leadership role will be focussed on the people and business management of the investment division so that our fund managers can be fully dedicated to delivering first class investment performance.”
He added: “From his background and track record, Fernando is uniquely qualified to deliver this objective without affecting our existing investment processes.
Ribeiro joined F&C early in 2001 as a member of the management committee with responsibility for retail portfolio management. From 2002, he has built the company’s insurance team and since 2003, he has also been responsible for F&C’s alternative business, which now has more than US$2bn under management.
Prior to his appointment at F&C, Ribeiro was chief investment officer at AF Investimentos, the largest institutional and retail investor in Portugal.
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