Darrel O'Dea, who has managed Threadneedle Investments' European equities long/short fund since its launch in 2000, is to leave at the end of the year, marking the second piece of bad news for the $60.7bn (€48.7bn) London asset manager in barely a fortnight.

O'Dea, who ran the company's European Crescendo hedge fund, will be replaced by Paul Doyle from November, although O'Dea will assist with management until the end of the year. Doyle has helped manage the fund since its inception. William Davies, Threadneedle's head of European equities, will be deputy fund manager.