UK-based Threadneedle is merging its retail and institutional sales and marketing into a single distribution unit that will be run by David Sachon. Sachon will become responsible for all sales, marketing and client services across institutional, defined contribution, retail and alternative investment businesses.

The move comes just months before Threadneedle is separated from its former parent Zurich Scudder. Following this, the servicing of European institutional business for products managed in the US or Asia passes to Deutsche Bank who has bought the group’s international Scudder operation.

Stephen Cohen, head of the institutional business for the European (including UK), Middle East and Africa, has decided to leave the company and Malcolm Callaghan, head of UK Institutional sales, is retiring to France later this year.

“I am very grateful to both Stephen Cohen and Malcolm Callaghan for their extremely successful efforts in developing our institutional business,” says Chief executive Simon Davis.

Stephen Holt will retain responsibility for UK institutional sales reporting to Mark Stanley, the co-head of Threadneedle's defined contribution business, promoted to head of institutional business.

Emma Douglas takes sole control of defined contribution business and Ann Hughes will continue to run client services.

Threadneedle has also appointed Crispin Henderson, a senior client service partner at PricewaterhouseCoopers, COO as of March 1st.

Henderson will head investment management advisory services and lead teams in such areas as business strategy, operational assessment, systems selection and risk management.

Bob Allen, Head of Investment Operations, Tom Challenor, Finance Director, Adrian Grimshaw, Head of IT and Rod Sweeney, Head of Retail Administration Services, will report to Henderson.