View the article online at http://citywire.co.uk/wealth-manager/article/a738144
Brewin sues Charles Stanley in High Court poaching row
by James Phillipps on Mar 06, 2014 at 10:52
Brewin is claiming damages for loss of profit on any client monies that follow the team over to Charles Stanley, as well as damages from the defendants for breach of contract.
The Leicester office manages over £800 million and Brewin said if half of this amount moved to Charles Stanley, it would lose more than £2 million a year in revenue.
The writ also calls for ‘exemplary damages’ that would ensure Charles Stanley does not profit from hiring the team.
‘Charles Stanley can confirm that a High Court claim has been issued against it by Brewin Dolphin Limited relating to the recruitment of a number of individuals who joined Charles Stanley to establish its Leicester office. The claim will be vigorously resisted,’ the company said in a statement.
Stephen Ford, head of investment management at Brewin, said: ‘We will act to protect our business and our clients’ interests, which are paramount and where we have been advised that contractual obligations have been broken. We are not prepared to make any further comment while the matter is subject to court proceedings.’
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