One of the Republic's top fund managers, Mr Pramit Ghose, is to leave Friends First to become managing director of the new fund management subsidiary of Hibernian and Norwich Union.

Mr Ghose, who won the Moneymate Pension Fund Manager of the year award in 1996, 1998 and 1999, has been with Friends First since 1991 and his appointment is a boost to the newly-merged Hibernian and Norwich Union group. He will join the company in July.

He is currently investment director of Friends First, having joined that company to establish its asset management division. An actuary, he previously worked at New Ireland.

The new fund management subsidiary will be part of the third-largest life assurance and pensions company in the Irish market, created by the merger of Norwich Union and CGU's operations here which include Hibernian Insurance. The enlarged company is the Britain's biggest insurer.

In Ireland, it is headed up by CGU's chief executive, Mr Pat McGorrian. He will retire in June when Norwich Union chief executive, Mr Vincent Sheridan, will take over.

Yesterday the company also announced its new senior management team.

Those appointed on the general insurance side include Hibernian's head of claims Mr Pat Tynan, who becomes director of claims in the new entity. Norwich Union's Mr Michael Garvey assumes the role of director of consumer services and Mr Malcolm Reid takes charge of its direct business with responsibility for the existing retail network, telesales unit and the development of this distribution channel.

Mr Dick O'Driscoll becomes director of underwriting, while Hibernian Insurance finance manager Mr John O'Grady will head up the new finance division.

Norwich Union's director of underwriting and claims, Mr Alleyn Manley, is to retire at the end of the year. At its life and pensions division, Mr Tony O'Riordan takes responsibility for all aspects of the life company's finances, Mr Brian Downs becomes director of life administration and Mr John Gilmore director of pensions. Norwich Union's life and pensions marketing manager Mr Ian Veitch assumes the role of head of marketing.

At group level, Ms Judy Byrne will be responsible for all aspects of human resources and training and Mr Kevin Gartland becomes director of group information technology.