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Richard Wilson to lead F&C as CEO search draws to a close
by Sarah Miloudi on Dec 04, 2012 at 07:30
F&C Asset Management has appointed Richard Wilson as its next chief executive officer, ana analysts have been quick to have their say.
Wilson will take up the role on 1 January, but joins F&C's board as an executive director with immediate effect.
The move will see Edward Bramson revert to non-executive chair, a position he will assume once the asset manager has reported its preliminary results for this year.
Wilson has 24 years' experience in the fund management sector and joins F&C at a time when it is undergoing and rolling out a major overhaul of its offering.
This year has seen two turnaround phases unveiled to investors, the most recent of which involved a direct to consumer push and a drive to launch more products for retail clients.
Wilson, who is currently responsible for F&C's investment and distribution activities, has during his time at F&C held a number of senior positions.
Prior to F&C he served as head of international equities at Gartmore, and this morning news of his appointment was welcomed by analysts.
However, looking forward, JP Morgan Cazenove, the investment bank, said that while the change appears positive much of F&C's turnaround hinges on keeping important clients at the firm.
'We believe the company’s cost savings targets are largely in market estimates, and the key variable therefore becomes the retention or otherwise of key clients,' the bank said.Announcing the appointment to investors, Bramson (pictured) said Wilson had already proved his worth at F&C, most recently in developing its strategy over the last year.
'Richard has played a critical role. I look forward to us working together and continuing to build value for all our stakeholders,' Bramson said.
Wilson added: 'I have enjoyed working closely with Edward in the formulation of our strategy over the last year. With a foundation of a much improved financial position for the group, I am excited to be given the opportunity to lead F&C and implement our growth strategy to the benefit of our clients, employees and shareholders.'
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