F&C adds two heavyweights to its board

ASSET manager F&amp;C has added a former PricewaterhouseCoopers (PwC) chairman and a former chief executive of rival Henderson to its board, in a bold reshuffle ahead of its shift to corporate independence.<br /><br />The group, currently being demerged from life insurer Friends Provident, named ex-Henderson chief executive Roger Yates as a non-executive director.<br /><br />He will be joined by Kieran Poynter, who last year retired from PwC after 37 years at the accountancy, including eight years as its chairman<br /><br />The duo will join recently-recuited chairman Nick MacAndrew, who spent 30 years at FTSE 100 giant Schroders, and respected chief executive Alain Grisay.<br /><br />Shares of F&amp;C added over ten per cent to 88.25p at close of play yesterday, as investors were reassured by the new additions.<br /><br />Poynter will sit on the Audit and Compliance Committee. He was the second highest-paid accountant in the country towards the end of his PwC tenure with a &pound;3m package, trumped only by Deloitte boss John Connolly&rsquo;s eye-watering &pound;4.6m packet.<br /><br />The 59-year old Chelsea supporter &nbsp;led the merger in 1998 of Price Waterhouse and Coopers &amp; Lybrand to create PwC, the world&rsquo;s largest accountancy firm.<br /><br />Yates, who recently went on sabbatical after almost ten years as boss of rival asset manager Hendersons, will take a seat on F&amp;C&rsquo;s Remuneration Committee when he joins the board.<br /><br />Poynter will continue as a director at the Royal Automobile Club and Yates will remain a non-executive director at spread betting firm IG Group.