Citywire printed articles sponsored by:
View the article online at http://citywire.co.uk/new-model-adviser/article/a412984
Cofunds claims Williams departure 'mutually agreed'
by Nicholas Paler on Jul 08, 2010 at 14:30
Cofunds has claimed that chief executive Brett Williams' departure from the platform came after the board had reached a mutual agreement that he should leave.
Alistair Conway, Cofunds sales and marketing director, said: 'It is a mutually agreed decision.'
Cofunds chairman Charlie Eppinger is to return as interim chief executive while the company looks for a replacement. Board member Simon Davies, chairman of Threadneedle, is taking over as Cofunds chairman.
Cofunds said Williams, who joined the platform in July 2008, had played an important role at the firm and helped the business break through the £25bn assets barrier.
Eppinger said: 'Cofunds is a great company and has a strong management team already in place. The shareholders are keen to harness that strength and accelerate the pace of growth in the business to match the changes in the industry as a whole.'
'The Board recognises the need for continual investment and a real focus on serving our customers, and we are committed to the success of the business and its continued independence.'
Eppinger added Cofunds was in a strong position, with assets and revenues growing, and the company in profitable territory. In its recent results it revealed it had made a profit of £2.3 million in 2009.
Markets
News sponsored by:
Today's top headlines
- Ofqual criticises CII level four diploma over gaps and easy questions
- FSA: Platforms can't reward IFAs for assets after RDR
- SimplyBiz's Ken Davy to launch restricted national
- FSA warns over advisers failing to consider cost of fund switches
- Concept hopes to fill client knowledge gap with ISA handbook
12 comments so far. Why not have your say?
Nigel O'Shea
Jul 08, 2010 at 10:50
Did he ruffle too many feathers, as a lot of very popular sales staff and managers have left recently?
report thisJulian Sunley
Jul 08, 2010 at 10:55
Whilst it is sad then Brett has left I have to give Cofunds 10 out of 10 for corporate communications.
I got a group E-mail from Charlie Eppinger at Cofunds within minutes of getting the story alerts from Citywire and MM, and whilst having one person leave a business the size of Cofunds is not something that would normally worry me the fact that they are so quick to communicate directly with their Adviser customers gives me additional confidence.
report thisKevin Smith
Jul 08, 2010 at 10:57
Hey Nige!
I was thinking exactly the same thing, I thought he was just changing the management structure going forwards, but leaving himself with no reason why stated seems a little odd.
Maybe not got on well with the corporate owners?
report thisRobert Wemyss
Jul 08, 2010 at 11:08
Another move Brett ?
report thisAndrew Connolly
Jul 08, 2010 at 11:14
Thought of Brett as an innovator who introduced the Selestia Platform and scared the s**t out of Skandia. Thought Co Funds were on course to do something spectacular - not sure now.
report thisDan Rear
Jul 08, 2010 at 11:14
Another one on the Merry-Go-Round. The only consistent thing in our wonderful world seems to be the small IFA practice. No wonder the FSA want rid of us is it...
report thisJulian Stevens
Jul 08, 2010 at 12:23
Cut the crap Mr Eppinger ~ why did he leave and why so very suddenly?
report thisDan Rear
Jul 08, 2010 at 15:35
David Jane too, see my comments above...
report thisStanley Kirk
Jul 08, 2010 at 16:33
Another one through the Cofunds revolving front door. Now lets see what's been achieved so far - massive spend (how much north of £100 million?), virtually no profit to show for it, massive spend still ahead to be RDR compliant. Return on shareholder capital ..... oh errr, oh dear! How long do the shareholders keep paying? At least they've proved that their business model is definitely not one which any sane business would wish to emulate.
report thisJulian Sunley
Jul 08, 2010 at 16:39
Re Stanley Kirk, I think you will find Cofunds are one of only two platforms that are making a profit so 'A' profit is a good thing regardless of how much it is. There will in my opinion be consolidation in the platform space in the future and Cofunds are one of the ones that are more likely to be acquisitors than the acquired which can only be a good thing.
report thisStanley Kirk
Jul 08, 2010 at 16:53
Re Julian Sunley - I make it 3 but the other one that started 10 years ago (and is a proper 'unbundled pricing' wrap) has been making very good profits for years and spent a small fraction of what Cofunds has in getting there - result very happy shareholders as well as customers - I hope the failures don't start taking over the successes!
report thisMPT
Jul 08, 2010 at 22:59
Novia opening the door Bret???
report thisleave a comment
Please sign in here or register here to comment. It is free to register and only takes a minute or two.