Fund chief quits after float plan is abandoned

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Glyn Jones, the former chief executive of Gartmore, has quit his second job in just over a year, standing down as chief executive of the fund management boutique Thames River Capital after seven months.

Mr Jones who left Gartmore in December 2004 after a management restructure, took up his post at Thames River towards the end of last year, with a view to leading the company to a flotation on the London market.

In a statement yesterday, the group's founders announced that they had since decided against going public, and were now committed to remaining a private company. As a result, they said they would no longer need to keep Mr Jones on board. Mr Jones's payoff from the job is unknown. However, on his departure from Gartmore, he was reputed to have received as much as £3m.

Charlie Porter, the group's co-founder and president, said he would take over as chief executive - the role which he occupied before Mr Jones's arrival. "Glyn has played a vital role in guiding Thames River to understand what our optimal structure and strategy should be," he said. "By remaining private, we can continue to focus on ... delivering for our clients outstanding investment performance."

Commenting on his departure, Mr Jones said: "The last seven months at Thames River have been fascinating. We have concluded unanimously that Thames River is a fundamentally sound business that does not need radical change. I wish Charlie and the team every continued success."