UK – Morley Fund Management is combining its European and international business units resulting in a board reshuffle and the loss of two senior executives, citing market conditions. Malcolm Le May and David Tremblay are to leave the fund management firm at the end of January.

A spokeswoman explained the redundancies were a result of tough market conditions. “When Le May and Tremblay were taken on, the markets were very different to those of today. It was decided that we could not sustain separate business structures for both European and international divisions. The decision better reflects ours current plans and ambitions,” she said.

Tremblay was appointed as global chief operating officer just over a year ago. His roles are now being split up and shared between three senior executives. Dean Stannard, managing director of international business, will oversee the overseas business, Gerard Quirk, chief financial officer, takes on operations and IT, and Keith Jones, chief executive officer, takes on compliance and business areas.

Le May had been with the company around 15 months, as managing director of Europe. His responsibilities have been merged into those of Stannard.

Four new board members are currently being considered: Alan Gadd, UK retail director; Raoul Bachmann, continental European retail director; Ian Womack, property director; and Alistair Morrison, institutional director.

Morley Fund Management has 100 billion pounds in assets under management.