UK - Morley Fund Management has released two senior executives after falling markets forced it to scale back its operations.
The executives - managing director Europe, Malcolm Le May, and global chief operating officer, David Tremblay - are both members of Morley’s board.
Le May and Tremblay had been involved in Morley’s bid to expand its international business, Tremblay joined from Citibank exactly a year ago, while Le May - who joined from ING Barings - has been with Morley since September 2001.
Following their departure Morley has said that it is promoting four directors to its board.
Institutional director Alistair Morrison, property director Ian Womack, UK retail director Alan Gadd and continental European retail director Raoul Bachmann will all join Morley’s executive board.
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