Warren to take over F&C retail business as AUM drops

F&C has confirmed its head of funds and investment trusts Charlie Porter is set to leave the group, with Thames River's Mike Warren becoming head of F&C's retail business.

Warren, formerly investment director at Thames River, will become CEO of F&C's consumer business on 30 September, while Porter (pictured) will continue as non-executive director of the group from early 2013. His departure follows that of Thames River's chief operations officer Jeremy Charles in May. The announcement comes as part of F&C’s half-year results, in which the fund manager also revealed “significant withdrawals” from its wholesale business which targets wealth managers and private banks. Net withdrawals represented 21% of opening assets, although the group pointed out its...