F&C investment trust business development head departs

F&C Investments has confirmed the departure of head of investment trust business development Ed Morse, after more than 11 years to pursue opportunities outside the firm.

F&C group head of marketing Tracy Fennell says Morse left the firm by choice.

Head of investor relations for F&C’s investment trust business, Simon Cordery, has taken on Morse’s responsibilities.

The asset manager scrapped plans for a US investment trust launch in July after failing to raise £100m it had set out to raise. Fennell says Morse’s departure is not related to the failed launch.

F&C unveiled its expense-reduction programme in its interim management statement in October 2011. The company is looking to make £33.2m in cost savings by 2013 – increased from its previous target of £12m.

The review, which was led by F&C’s chairman Edward Bramson, estimates costs of £14.6m in the process of achieving the targeted savings.

About £10.7m of these costs are expected to be linked to redundancy payments, mainly among back office and corporate functions staff.