UK fund firm Threadneedle sees senior managers exit

LONDON, March 15 Mon Mar 15, 2010 7:43am EDT

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LONDON, March 15 (Reuters) - Threadneedle has seen two top fund managers exit in recent weeks as the British firm rejigs its investment teams in the aftermath of the financial crisis.

William Frewen, head of fixed income, left Threadneedle last month and Chris White, senior fund manager in the equities team, has also quit.

The fund firm -- which managed more than 60 billion pounds ($90.99 billion) in assets as of end-2009 -- also lost head of public relations St ephanie Ramos last month, while Richard Fuller, head of human resources, left around two months ago, a source close to the firm said.

"There does appear to be some kind of restructuring happening at Threadneedle," the source said.

The shake-up of senior positions comes after more than 60 percent of Threadneedle funds underperformed their peers in 2009, according to data from fund research firm Lipper.

The firm denied that it is undertaking any kind of corporate restructuring, but said it had made four recent appointments to the equities team.

Threadneedle climbed two places to be ranked the fourth largest manager of UK retail assets at end-2009, according to data from the Investment Management Association.

"These normal comings and goings are not affecting our performance and they are not affecting our business. We are winning on all counts," a spokesman said. (Editing by Louise Heavens)

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