Thames River Ops. Head Out As F&C Cuts Costs

May 15 2012 | 12:22pm ET

Jeremy Charles is leaving Thames River Capital, a year after the hedge fund was acquired by F&C Asset Management.

Charles will "pursue opportunities outside of" F&C, the firm said. His exit as operations director comes amidst "a group-wide re-engineering of our operations, administration and IT functions," spokeswoman Tracy Fennel said in the statement.

That cost-cutting effort is the brainchild of new F&C Executive Chairman Edward Bramson, head of activist investor Sherborne Investors. Bramson, a sharp critic of the Thames River acquisition, ousted former chairman Nick MacAndrew last year.

Charles will be replaced by Hugh Moir, head of client solutions and strategy at F&C. Moir will now oversee operations and information technology at Thames River.

Charles had spent six years at Thames River.

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