UK – Edinburgh Fund Managers has appointed Charles Nunneley as non-executive chairman following a board shake-up at the end of 2002 when four non-executive directors resigned and the chief executive was removed.

Nunneley is a senior figure in the investment management industry, having served over 30 years at Flemings. He was also founder chairman of the Institutional Fund Managers Association, and is currently chairman of the UK’s National Trust, which runs historic buildings.

At the end of November 2002, non-executive directors John Wright, Sir Angus Grossart, Donald MacDonald and Johnnie Blair resigned from the company’s board after pressure from a majority of shareholders following a disagreement on how the business should be taken forward. As a consequence, Ian Watt, chief executive at that time, was removed from the board and left the company.

The remaining executive directors, Anne Richard, chief investment officer, and Rod MacRae, chief operating officer, were appointed as joint managing directors in addition to their existing roles.

Edinburgh has around two billion dollars in European pension fund assets under management.

Nunneley said about his appointment: “I am pleased to be joining the board at this pivotal point in the company’s history. Rod MacRae and Anne Richards represent a new generation.”

A spokesman said the four non-executives will be replaced in due course. “The most important thing is getting the chairman in place first,” he said.

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