F&C Thames River restructures fixed income division

F&C Investments has overhauled its fixed income arm, with six members of the team – including fund manager Fatima Luis – exiting the business.

The restructure will see Luis – who ran the group’s £221m Strategic Bond, £100m Extra Income Bond and £55m Maximum Income bond funds – exit with immediate effect. Steve Drew, Thames River’s head of global credit, and team member Brett Golledge, have also resigned from the firm.

Three other members of the fixed income team – Han Altink, Mario Hooghiemstra and Leendert Schoenmaker have also departed.

The departures are the latest casualties of activist investor Ed Bramson’s cost-cutting programme, which has resulted in five high-profile names leaving F&C Thames River this year.

Earlier this month Ed Morse, head of investment trust business development at F&C Investments, left the firm to pursue a new opportunity in the industry.

Last month Mike Warren, managing director for sales and marketing, left the firm just four days before he was set to become head of F&C’s retail business.

His departure followed on from Charlie Porter, head of funds and investment trusts at the group, who exited the firm last month.

The overhaul means Keith Patton, who joined F&C earlier this year from UBS, is now the group’s head of global credit.

Patton and existing manager Rebecca Seabrook will run the Strategic Bond fund.

Chris Brils, co-head of global high yield, has been named manager of the maximum income fund, while Brils and Seabrook will co-manage the group’s extra income bond fund.

F&C’s High Yield and Thames River’s credit teams have also been integrated, enabling the firm to focus its fixed income capabilities in core areas, principally global government bonds, investment grade credit, global credit opportunities, emerging market debt and convertible bonds.

‘The reorganisation of our investment resource allows us to offer a range of fixed income capabilities that are relevant to our clients now and will be positioned to adapt to the evolving needs of clients in the coming years,” said the group in a statement.

“These capabilities are organised to meet our clients wide ranging needs across a varying range of risk appetites, return and income objective.”

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