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F&C loses head of investments

Wednesday, July 17th 2002, 9:45PM
F&C Management has announced the departure of Arnab Banerji, the firm’s head of investments. Banerji is to take up an important new appointment in public service, details of which will be announced shortly by the UK Government.
Banerji has had a long-standing interest in public service and has, since October of 2001 been a member of the advisory panel of the Prime Minister’s Forward Strategy Unit. His new prospective role with the Government requires him to sever his ties with the industry and therefore with F&C.

First New Zealand Securities do not believe that Banerji’s departure will have any impact on the management of any of the investment trusts managed by F&C Management.
His primary role was that of group chairman of investment policy, this in reality is a role of co-ordinating F&C Management monthly asset-allocation committee meetings and developing overall investment policy.
Jeremy Tigue, manager of Foreign & Colonial Investment Trust, has taken over the roll of chairing the asset-allocation committee until a replacement for Banerji is appointed.
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