UK – Glyn Jones, chief executive of Gartmore in the UK, has resigned, with group CEO Paul Hondros taking direct responsibility for the firm’s integrated business.

Jones’ departure is part of a shake-up that sees UK chief investment officer Quintin Price promoted to co-CIO of global equities alongside Young Chin. The company has moved towards a functional, as opposed to regional management structure.

“I haven’t even started to think about where I’m going yet,” Jones said in an interview. Asked if had considered running his own firm he said: “Clearly that’s one of the options.”

He said he’d put forward a plan earlier this year that would take the firm’s hedge fund assets to around eight to nine billion pounds from the current five billion in two to three years. “I would have liked to have been here to see that work through.”

Charles Beazley, head global institutional and alternative investments, told IPE that Gartmore is now a “somewhat smaller form of business” where the new structure makes sense. He said Jones’ departure was amicable. “The truth is, we’ll miss Glyn.”

Hondros said: “Glyn has played an important part in helping me with the development of Gartmore Group, and particularly with the strategic direction and development of our hedge fund business.”

Gartmore said it had discussed alternative roles for Jones in the new structure but was not able “to agree on one that matches his leadership skills and experience”.

Hondros took over as CEO when the company was bought by US-based Nationwide Mutual Insurance Co. in 2000. He was formerly CEO of Fidelity Investment's Institutional Services Co.

The firm now has a total of 77 billion dollars of assets under management. It added that Nationwide has committed 500 million dollars of seed money to “enable Gartmore to launch new products across many platforms”.