MONEY MANAGEMENT

Threadneedle Investments’ head of U.S. equities resigns

Updated with correction.

Cormac Weldon resigned as head of U.S. equities at Threadneedle Investments and will leave the £89.4 billion ($140.9 billion) money manager in April, confirmed a spokeswoman.

Diane Sobin, currently a portfolio manager on the U.S. equities team, will replace Mr. Weldon.

Portfolio manager Stephen Moore will also leave the money management firm. Portfolio manager Nadia Grant will become lead manager of the Threadneedle American Fund, replacing Mr. Weldon, and Ashish Kochar and Neil Robson will become co-managers of the Threadneedle American Extended Alpha Fund and the Threadneedle American Absolute Alpha Fund, replacing Mr. Moore, according to the release.

Mr. Weldon and Mr. Moore will join Artemis Fund Managers as portfolio managers, confirmed a spokesman for the £17.3 billion firm. He said they will be running a new U.S. equities fund.

In addition to the management changes, Threadneedle is enhancing its U.S. equities capabilities through greater collaboration with sister company Columbia Management's U.S. equities team. Both firms are owned by Ameriprise Financial and collectively manage $117 billion of U.S. equities assets.

“Following (Mr. Weldon's) departure, we will continue to invest in our London team under (Ms. Sobin's) leadership, while also better and more fully utilizing the research resources of Columbia Management,” said Mark Burgess, chief investment officer at Threadneedle, in a news release.

Threadneedle's investment process will not be altered as a result of the changes, said CEO Campbell Fleming in the news release.