Midlands-based private client stockbroker Fyshe Horton Finney has made an investment manager redundant and further departures are expected at its Leeds office, Wealth Manager understands.
Investment manager Robin Webb is to leave the firm. Prior to joining Fyshe Horton Finney, he had been employed by WH Ireland, Investec Wealth & Investment and Rensburg Investment Management.
The move is part of a wider strategy to pare back its Leeds office and focus the business on the Birmingham branch, in contrast to Brewin Dolphin, which is expanding in the city.
Fyshe Horton Finney suffered operating losses of £996,942 in 2010, having minimised more significant losses of £1,836,150 in 2009.
The group is not the only regional private client stockbroker under pressure. James Brearley & Sons has suffered a string of departures after closing its Leeds and Stockport offices. Aubrey Brocklebank, who was an investment manager at the firm’s Leeds office, was the latest to leave, and has joined Verdes Management.
Over the past month, James Brearley has seen the departures of both its Kendal office head and the head of its branch network.
Fyshe Horton Finney declined to comment.