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Head of wealth management exits Close Bros
by Robert St George on Jul 17, 2014 at 10:16
Andrew Fay, head of wealth management at Close Brothers Asset Management, has left the firm.
Fay joined Close Brothers in April 2011 after it acquired Cavanagh, of which Fay was chief executive.
Cavanagh was an AIM-listed firm of independent financial advisers, comprising eight offices and 60 advisers, looking after £2 billion of private client and corporate assets. Close paid £26.2 million to purchase the group.
Fay's responsibilities will be taken up by Andy Cumming, currently head of Close's wealth business in Scotland.
Departing alongside Fay is Simon Redgrove, a co-founder of Cavanagh.
'Andy and Simon have played a major role in Close Brothers Asset Management's development over the last few years since our acquisition of Cavanagh in 2011,' commented Martin Andrew, chief executive of Close Brothers Asset Management.
'I would like to thank them for their hard work and contribution to our business and wish them well in the future. I am delighted that Andy Cumming, currently head of our wealth business in Scotland, will be taking over the national leadership of our personal advice business.'
Cumming added: 'I believe that financial planning has the opportunity to become a true profession alongside the legal and accountancy professions. With our scale and the strength of our people, brand and capabilities in both advice and investment management we aim to be the market leader in providing a preeminent, national financial planning and wealth management service. I am very excited about my new role helping to bring this to fruition.'
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