View the article online at http://citywire.co.uk/wealth-manager/article/a608127
Ex-Thames River boss Porter to step back from F&C
by Emma Dunkley on Jul 31, 2012 at 13:34
Porter, who is on F&C’s executive committee and is chief executive officer as well as co-founder of Thames River Capital, is due to depart imminently.
Thames River was coined in a pub by Porter and Jonathan Hughes-Morgan back in 1998. Prior to this Porter worked at Baring Asset Management which he joined in 1987, as their sales director and with responsibility for Barings’ UK mutual fund business.
He joined F&C when the firm announced in 2010 it was buying Thames River Capital, in a deal worth up to £53.6 million.
Earlier this year he told Wealth Manager Thames River Capital brand would go into hibernation by the first half of 2013, as F&C Asset Management seeks to rationalise its funds business under a single banner.
The announcement followed a strategic review of F&C, conducted by chairman and activist investor Edward Bramson.
At the time, Bramson highlighted the Thames River team was responsible for the distribution of F&C’s whole £10 billion product range.
Porter said, however, the Thames River brand could be revived for certain products and could reappear on particular funds in the future.
Porter also said at the time that Bramson had ‘made it clear’ F&C is not selling Thames River, but will be investing in it.
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