Former head of UK equities Lees exits F&C

Peter Lees has resigned from F&C, two months after handing over his UK equity fund to other managers.

Lees (pictured) had been a director of European and UK equities at F&C since 2005. He handed over the £78m UK Alpha fund, which he had run since 2008, to Michael Ulrich and Tom Wilson after several years of underperformance. The fund had returned 30.8% in the five years to November, against a sector average of 67.3%, according to FE.  Lees had continued to work on the £40m Global Thematic Opportunities fund alongside the global equities teams. Prior to joining F&C, he was head of equities at Deutsche Asset Management, where he worked from 1992. F&C’s spokesperson said, “Pe...