UK – Paul Myners, chairman of Gartmore Investment Management, is to step down from his post at the end of the month.
Myners, whose review into the UK’s institutional investment industry is having far reaching consequences across the investment marketplace and the UK pensions industry, says he is seeking fresh challenges outside the fund management industry.
Paul Hondros, current chief executive of Nationwide’s asset management business, as well as a non-executive director of Gartmore, will become non-executive chairman of Gartmore.
Hondros will continue to be based in Philadelphia.
In addition, Myners has left a continuity of leadership following his appointment of Glyn Jones as chief executive last December.
Myners, who will leave Gartmore altogether, is leaving to spend more time with his young family, alongside developing his charitable interests and a portfolio of non-executive directorships.
Myners joined Gartmore in 1985, during which time the business has grown from £1.8bn (€2.9bn) under management to £44bn and its presence has expanded from a single location to a network of offices in six countries around the world.
Says Myners: “The time has come to seek out fresh challenges. I have made no decisions yet but I intend to remain active, but no longer in the fund management industry.”