LONDON Dec 4 F&C Asset Management PLC,
the British fund firm taken over by rebel shareholder Edward
Bramson, has promoted Richard Wilson to the role of CEO in the
latest of stage of a multipronged plan revive its flagging
Wilson is expected to join the F&C board as an executive
director with immediate effect and take up his role from January
2013, the firm said in a statement on Tuesday. The appointment
is subject to FSA approval.
Wilson has 24 years experience in managing funds and is
currently responsible for F&C's investment and distribution
activities. Before joining F&C, he served as head of
International Equities at Gartmore and was a managing director
in the Global Equities team at Deutsche Asset Management.
Bramson will revert to non-Executive Chairman of the Board
after the group posts its full-year results for 2012.
Bramson, who won control in a controversial management coup
18 months ago, is pursuing a root-and-branch shake-up of the 144
year old company after several years of lacklustre share price
The recovery plan has focused on cutting costs, streamlining
the company's workforce and cementing relationships with
institutional as well as retail investors.
Wilson takes up his position in a time of stress for the UK
fund management industry, as regulatory demands and spiralling
costs compound the challenges of running money in turbulent
F&C suffered 3.7 billion pounds ($5.96 billion) of net
outflows in its fiscal third quarter, pushing assets down to
96.8 billion pounds at Sept. 30 from 98.2 billion pounds in