Felton in surprise walkout at F&C

Meanwhile, Alex Ingham, head of North American equities at Aberdeen Asset Managers and manager of its £172m North American unit trust, also resigned last week. He will be replaced in both roles by Simon Clinch, who has been at the group since 2001.

While Clinch will be the named manager of the fund, a spokesperson for Aberdeen stressed it is run on a team-basis so investors should expect little change. No details have yet emerged of where Ingham is going, apart from “to pursue opportunities elsewhere”.

Both Invesco Perpetual and DWS Investments also made changes to their fund management teams last week. Ian Brady has taken over the management of the Invesco US Smaller Companies fund from Stacie Cowell, while at DWS Nick Evans has replaced Michael Crawford as manger of the UK Blue Chip fund.

The changes, which follow the departures of Cowell and Crawford from Invesco and DWS respectively, both take effect immediately.

Brady, head of US equity investment at Invesco, returned to the group in February last year having left in March 2001 to join Schroders. He already runs the group’s £179m US Equity fund and £15m US Aggressive fund and his recent appointment follows a review of Invesco’s US fund management capabilities in Denver. This concluded it was in the group’s best interest to consolidate its US retail team and manage the fund from Henley.

A spokesperson for the group says that as result of the change there will be no immediate alterations to the structure of the fund. However, it is understood Brady will undertake a review of the portfolio in due course.