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.

Fyshe Horton Finney faces uncertain future as CEO quits

Fyshe Horton Finney faces uncertain future as CEO quits

The chief executive of regional stockbroker Fyshe Horton Finney has left the firm while two directors have stepped down, raising questions marks over the future of the struggling business.

Chief executive Hardeep Tamana, who had been at the helm for nearly nine years, has left while director Clive Duckitt and regional director Sue Grieson who oversaw the bulk of the firm’s activities in the north have relinquished their seats on the board of directors.

The changes were confirmed with postings on Companies House. Duckitt is believed to have worked at Fyshe Horton Finney for the entirety of his career, and he still remains a shareholder in the company.

Fyshe Horton Finney, which has 15 branches predominantly in the north of England, has struggled to turn a profit in recent years, and in its most recent filing showed a loss of £565,701 for the year to June 2011.

This was an improvement from the £913,834 loss made the previous year but the company said it was aware that 'effects of the global economic situation continue to have significant effects on the company and its clients'.

The business seems to have been burdened by hefty costs, as in 2011 group turnover of £3.01 million was swallowed up by £3.95 million in administrative expenses.

In 2010 Fyshe made an attempt at resurrecting the brand by taking on a number of former Edward Jones advisers to open six new franchised offices around the country. But in  2011 the stockbroker made a number of redundancies at its Leeds office, counter to a trend among bigger rivals such as Brewin Dolphin which were expanding in the city.

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 Dispelling the sustainable investing myths

Dispelling the sustainable investing myths

There's a bit of a buzz around sustainable investing at the moment. We speak to three wealth managers to find out what they think.

Play Inside ETFs: positioning for the Fed rate rise

Inside ETFs: positioning for the Fed rate rise

Natalie Fast discusses how investors are using ETFs to position for a rate rise with guests Irene Bauer from Twenty20  Investments and Markit's Simon Colvin.

Play Wealth Manager Retreat: video highlights

Wealth Manager Retreat: video highlights

The UK's leading wealth management talent gathered at our annual event at the Grove celebrate the best in private client portfolio management.

Wealth Manager on Twitter