Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Ashcourt's turnaround pair resign after addressing Savoy legacy concerns

Ashcourt's turnaround pair resign after addressing Savoy legacy concerns

Ashcourt Rowan's Christopher Jeffreys and Mark Smith have decided to stand down from their roles, having addressed the regulator's legacy concerns within Savoy Investment Management.

Jeffreys served as the wealth manager's chief executive officer of asset management and Smith as its head of compliance.  The pair had been tasked with sorting out the City regulator's suitability concerns with Savoy after it was fined £412,000 earlier this year.

'This has been a huge commitment and now we are reaching the end of this journey they have decided to resign,' said Jonathan Polin, Ashcourt Rowan's group chief executive officer.

Polin will assume Jeffreys' role, acting as his interim replacement.  Jeffreys has decided to remain with Ashcourt Rowan, which recent brought high net worth unit Savoy under its banner, but go back to managing his clients' assets.

Smith, meanwhile, has decided that after 15 years it is time to leave the firm.

'Mark will move on to different challenges but has agreed to continue to work during the next six months to aid the transition of his duties,' Polin (pictured) added.

Following the announcement about Ashcourt's fine in November , Polin spoke frankly to Wealth Manager about the events leading up to it, and the programme of change undertaken at the firm to address the Financial Services Authority's concerns.

Polin said that while he had no issue with the FSA's decision to penalise Ashcourt after two Section 166 orders were issued against it and concerns were raised as part of the watchdog's review into suitability, Polin said he believed Ashcourt would be the first of many firms to face such a penalty.

The wealth boss also explained the suitability issues identified by the regulator centred around Savoy - what Polin termed an 'old fashioned' stockbroker and over the last 12 months Jeffreys and Smith had been charged with addressing the FSA's concerns.

Polin said in Ashcourt's interim financial report, posted today, that the pair had 'worked tirelessly' to complete this task.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Biotech Growth: we will ride out this storm

Biotech Growth: we will ride out this storm

Geoffrey Hsu of Biotech Growth Trust says the sell-off in biotechnology stocks represents a buying opportunity for long-term investors.

Play Sector Spotlight: Kleinwort Benson's Choukeir on UK equities

Sector Spotlight: Kleinwort Benson's Choukeir on UK equities

In our first Sector Spotlight of the year we explore UK equities on the back of the extreme market turbulence in 2016.

Play Picton: the UK property hotspots for rental income

Picton: the UK property hotspots for rental income

Picton Property Income CEO Michael Morris reveals how he is planning to ride the ‘ripple effect’ as UK economic growth spills out from the capital across the country.

Your Business: Cover Star Club

Profile: PortfolioMetrix is on a mission to kill 'Frankenstein' systems

Profile: PortfolioMetrix is on a mission to kill 'Frankenstein' systems

In a buyers’ market for off-the-peg discretionary management, self-funded start-ups begin at an inherent disadvantage

Wealth Manager on Twitter