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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.
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