UK – F&C Asset Management has appointed former Shell Pension Management Services manager Gareth Morgan to the position of fund manager in its emerging equities team.

Morgan joined Shell in 2000, and was responsible for managing roughly £270m (€395m) in non-Asian emerging market assets. His focus areas included parts of South America, Eastern Europe, South Africa and India.

Morgan will report to emerging equities chief Jeff Chowdhry, who replaced former equities head Humphrey Carey last year.

An F&C spokesperson told IPE that Morgan is not a direct replacement for Robert Brandt, who is head of the emerging markets investment trust and Latin American Investment trust. Brandt is due to leave in March, and is moving to a boutique.

“We are delighted that Gareth has joined the team… He has over ten year’s experience investing in the region as well as involvement with both institutional and retail mandates,” said Chowdhry.

Chowdhry also stated that F&C is currently looking to recruit a further Latin American fund manager.

Last week, Ian Paterson Brown stepped down as chief financial officer F&C Asset Management by “mutual agreement”. He followed chief investment officer Tony Broccardo as the latest senior executive to leave under new chief executive Alain Grisay.

F&C said today that its total assets under management have risen to £131bn.

F&C was axed from managing a DKK1.3bn (€174m) emerging market equity mandate by Danish pension fund giant ATP due to reported poor performance.