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Brewin slashes jobs amid senior management shake-up
by Danielle Levy on Apr 30, 2013 at 10:45
Brewin Dolphin has slashed jobs as part of a broader restructure that has coincided with a string of senior departures following the firm’s recent boardroom shake-up which saw CEO Jamie Matheson (pictured) step down.
Former board directors Sarah Soar, responsible for business development, former group managing director Henry Algeo, and Ben Speke, who was a director and previously of Wise Speke, who all stepped down from the board in March have now left the business. Angela Teodorescu, a divisional director on the firm’s RDR team, has been made redundant, while Vinay Bedi, an investment manager in its Newcastle office, has resigned.
The departures follow a round of job cuts across the company, with a particular emphasis on compliance, HR and marketing. These include 23 job losses from Brewin’s Edinburgh office, predominantly from the regulation and risk, change management and IT teams, alongside 10 from the Newcastle office, mainly from the regulation and risk, and change management departments.
A spokesperson for Brewin confirmed the departures. While the company said it was unable to disclose the total number of cuts, it said there had been a number of redundancies as part of a restructuring exercise.
While the reasons for Speke, Soar, Algeo and Teodorescu’s departures are not known, the spokesperson said all four had left with their thanks and best wishes for the future.
Alongside Algeo, Soar and Speke, Barry Howard, head of regulation and risk, also stepped down from the board. It is understood he is still working at the business, according to the FSA register, reporting to new CEO David Nicol.
The news follows March’s announcement that Matheson will step down as executive chairman and CEO after eight years in the roles. Nicol, who joined the board from Morgan Stanley last year, was named as his successor.
The company said Matheson had substantially achieved the goals laid out in a strategic review in 2011 and was stepping down to devote more time to other interests.
Forming part of the changes, deputy chair Simon Miller was appointed non-executive chair, while joint head of the London office Stephen Ford became executive director for investment management.
Over the three months to the end of January, the firm lost 5% of its income following the decision to remove trail commission from the business and move to a new charging structure. However, total income for the period was up 13.7% on the year to £67.8 million, while assets stood at £26 billion.
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by Danielle Levy on Dec 12, 2013 at 09:03