UK - Aon Asset Management's distribution director, Tony Child is leaving the company after seventeen months, fuelling further speculation that the manager-of-manager outfit is up for sale.

Child joined AAM in 2005 to secure distribution deals throughout Europe on the back of a major win with Norwich Union in the UK.

But IPE understands that no distribution deals outside the UK have been signed. AAM received an initial boost when it won mandates from Aon's own employee pension schemes. But in four years it struggled to surpass the £1bn (€1.53bn) mark in assets under management generally deemed critical for managers of managers.

Other UK-based institutional managers of managers which have been reshaped or closed recently include Io Investors and MM.

But multi-managers remained adamant that the concept can add value. Nomura Asset Management has just launched a global Emerging Market strategy using external managers. "We think there is a proven case for alpha generation and the business case is supportive," said Mark Roxburgh, head of marketing, Nomura Asset Management.

Child was previously head of European insurance at the Bank of New York in London and prior to that held the position of head of European insurance at First Union National Bank in London.

An Aon spokesman confirmed that AAM's managing director, Adrian Swales, and Tommy Garvey, head of institutional business, remain with the company.