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Brewin sees raft of exits as new COO & London head step in

Brewin sees raft of exits as new COO & London head step in

Brewin Dolphin is undergoing a new wave of change, marked by a raft of departures and key personnel moves within the business.

These include the exit of its head of IT, alongside the appointment of a new chief operating officer and London office head.

IT chief Gareth Williams leaves the firm after 12 years. A spokesperson said he departs with the firm’s best wishes and an ‘appreciation for all of his hard work and commitment’. Director of marketing Philip Browne has also left after eight years at the private client firm and the firm also wished him well.

Meanwhile, the group has sought to strengthen its management team with the hire of Thomas Lack as chief operating officer. He joins from Coutts, where he was head of wealth operations.

Prior to this, he worked in finance and operations roles at RBS Global Banking & Markets, Morgan Stanley and UBS. Lack is a chartered accountant with over 20 years’ experience in financial services.

Meanwhile in London, Rob Burgeman and Peter Long have stepped down as co-heads of the London office, having taken on the role in May of last year. It is understood that both wanted to concentrate on their client books. Rupert Tyler, a national director at Brewin, has resumed the role as head of London. A spokesperson said he will be supported by Burgeman, Long and others.

Stephen Jones has also been promoted to senior regional director, reporting into head of investment management, Stephen Ford.

Brewin’s revenues took a tumble over the 12 months to the end of June, as the switch out of trail and a fall in commission income took its toll.

Nonetheless, the firm’s discretionary asset growth drive continued unabated over the three months to the end of June with a £1 billion inflow. Assets under management grew by £0.6 billion to £36.7 billion in the second quarter, compared to £34.9 billion at the end of September, representing a 2% growth rate on an annualised basis.

Back in May, the firm told the market it would take a £32 million hit after it ditched plans to implement Figaro software across its private client business, which could also lead to a further £15 million payout over the next 10 years.

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