Ex Lloyds private bank chief joins Ashcourt Rowan

Former Lloyds Private Bank director Mark Cheshire has joined Syndicate Asset Management as head of its Ashcourt Rowan wealth management business.

Cheshire will head the unified division when it launches in January 2010 following the merger of Ashcourt Asset Management and Rowan & Co Capital Management.

Cheshire stepped down from Lloyds in May, having served as director since 2007. He was previously chief executive officer, having joined the company in 1980.

He said: ‘Despite the financial uncertainties of the last year, Syndicate has been able to grow its funds under management during this highly turbulent period.     

‘However, as a business it remains relatively unknown. I look forward to the opportunity of being able to establish Syndicate's Ashcourt Rowan brand as a well-recognised player in the UK's rapidly evolving wealth management market.’

The merger will create Ashcourt Rowan Asset Management and Ashcourt Rowan Financial Planning, a national division with over 20,000 clients and have total investments exceeding £2 billion.

It will aim to offer clients a greater range of services although discretionary fund management will be at its core and it will continue to offer its third party investment services to IFAs.

The merged group will operate from 16 offices around the country, including Edinburgh, Manchester, Birmingham, London and Bath.

Jonathan Freeman, Syndicate Asset Management chief executive, added: ‘We are delighted to welcome Mark to our business.

‘He brings an operational expertise for managing and developing a national wealth management business that is able to grow funds under management based on the principle of delivering exceptional service.’