EUROPE – F&C’s chief investment officer Tony Broccardo has been unexpectedly replaced by alternatives chief Fernando Ribeiro.

F&C said it was reorganising its investment division, with Ribeiro taking the new role of head of investments.

“This new leadership position is a business management role replacing the previous function of chief investment officer,” F&C said. “Tony Broccardo will be leaving the company shortly.”

New chief executive Alain Grisay said the new role “recognises the complexity of managing a business with some 160 investment professionals”.

He added: “The new leadership role will be focussed on the people and business management of the Investment Division so that our fund managers can be fully dedicated to delivering first class investment performance.” He made no reference to Broccardo.

Broccardo joined the firm in 2002 and was involved in the merger between F&C and ISIS. F&C said he stabilised the businesses and “leaves the investment division ready for its next challenges”.

Fernando Ribeiro joined F&C early in 2001 heading up retail portfolio management. Since 2003 he has run F&C’s $2bn alternatives arm. He’s also set up F&C’s asset liability management/liability-driven investing group.