City of London Investment boss departs after just three months

 
Michael Bow
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VETERAN fund manager Barry Olliff was forced back into the hot seat at listed money manager City of London Investment Group yesterday after chief executive Doug Allison stunned investors by resigning after just three months in charge.

The company, which was founded by Olliff in the early 1990s, said Allison had left the business along with finance director Valerie Tannahill.

Both had worked at the company for 16 years and were promoted to the roles in January.

All parties said the decision had been taken by mutual agreement.

Olliff, who was presently chief investment officer, is now interim chief executive while the board considers who will replace Allison.

Finance manager Tracy Rodrigues has also stepped in as finance controller.

Olliff told City A.M. the departure had come about because of a “difference of opinion”.

The group had been faring well recently. Yesterday it said it intended to maintain its full year dividend.