UK – Ian McEvatt, chief executive of the London branch of Crédit Agricole Asset Management is to leave and be replaced by investment chief Bruno Crastes.

McEvatt will pursue “new business interests”.

McEvatt is currently working on handing over his role and he is expected to leave CAAM by the end of the month, a spokesman said. According to press reports, he is to set up a fund management boutique, but the spokesman declined to comment.

CAAM said Crastes would continue in his current chief investment officer role as well as managing global fixed income portfolios. Neither Crastes nor McEvatt were available for comment.

Crastes joined CAAM as a senior fixed income portfolio manager from Bank Louis Dreyfus in 1989. Five years later, he was appointed deputy head of the fixed income management team. He became head of global fixed income management in 1997.

The firm said in a statement that it would also appoint a deputy chief executive to take responsibility for the operational and administrative functions of the London branch. Both external and internal candidates will be considered for the post.