Foreign and Colonial chooses insider as CEO

Foreign and Colonial Asset Management said it was promoting from within as its head of investment and distribution was revealed as the firm's new Chief Executive.

Richard Wilson will take the role from January 1st 2013 and will join the board as an Executive Director with immediate effect, the company said.

He takes charge as the firm continues to implement a strategic review in a bid to stop money flowing away from the fund manager.

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At the end of October F&C said assets under management fell by £1.4bn during the previous quarter to £96.8bn.

Wilson has 24 years experience in the fund management industry and is currently responsible for F&C's investment and distribution activities.

Prior to working at F&C he was Head of International Equities at Gartmore and Managing Director, Global Equities at Deutsche Asset Management.

He started his fund management career at HSBC as a Fund Manager.

Executive Director Edward Bramson said Wilson had played a critical role in the development and execution of the group's strategy over the last year.

"I look forward to us working together and continuing to build value for all our stakeholders," he said.

Wilson said with a foundation of a much improved financial position for the group, he was "excited to be given the opportunity to lead F&C and implement our growth strategy to the benefit of our clients, employees and shareholders".