Deutsche's UK pensions fund team loses three
Deutsche Asset Management's UK pension fund managers, Fiona Stewart and Mark Spunner, have been let go with immediate effect. Ben Wallace of the same team has also resigned to join Gartmore Asset Management. Wallace and Stewart both served five years at DeAM, and Spunner two and a half years with the UK pension fund management team.
Says DeAM chief investment officer for Europe/Asia Pacific, Karl Sternberg: “the funds produce a range of returns. We have some clients which are happy with the performance and some that are not, and we do not want any unhappy clients. Cuts were made due to a performance issue.
“Clients will be informed of the rearrangements, and the 14 existing fund managers will take over.”