Wealth Manager - the site for professional investment managers

Register for full access to Citywire’s Fund Manager database, news and analysis. Registration is free and only takes a minute.

Rowan Dartington's new CEO: Why we can turn the business around

Rowan Dartington's new CEO: Why we can turn the business around

Rowan Dartington’s new owner and chief executive Graham Coxell (pictured) says the problems that have afflicted the national wealth manager are consigned to history and the business is well positioned to benefit from the retail distribution review (RDR).

Last year, the firm was fined £511,000 by the FSA after a settlement system failure dating back to 2007, and saw its back office saddled with more than 150,000 unreconciled trades. There was also a discovery of a £1.4 million ‘black hole’.

However, Coxell, who brought together a consortium of private investors to buy the business from Astaire Group, believes the company is now on the verge of a turnaround.

He is also encouraged by the fact that several current staff, including the acting managing director David Burrows, provided 15% of the equity in the acquisition.

Coxell said: ‘I’ve done a lot of due diligence on the business and realised [Rowan Dartington] has got a fantastic investment management capability.’

He added another attraction of Rowan Dartington has been Signature, a differently branded part of the business focused on running money on behalf of IFAs.

‘The Signature team, led by [managing director] Andrew Morris and [fund manager] Mark Sevier run around £200 million for IFAs. Leading up to the RDR, they are in a great place.’

Coxell believes the trend of IFAs outsourcing money to discretionary wealth managers will continue, so Signature and other private client businesses that offer strong investment returns will be able to benefit.

He added he has no plans at present to change the name of Rowan Dartingon, despite it being what some observers consider a tarnished brand.

Coxell added that, although he will stick to six branches, he is on the lookout for both individuals and teams of investment managers.

He concluded: ‘I want to expand the teams in places such as Bristol and London.’

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 Inside ETFs: Why the US bull-run still has legs

Inside ETFs: Why the US bull-run still has legs

Global equities suffered a sharp sell-off in the third quarter but exchange traded fund investors are continuing to back the US to outperform in 2015

Play Paul Niven: I won't rip up the Foreign & Colonial Trust history book

Paul Niven: I won't rip up the Foreign & Colonial Trust history book

The newly appointed manager of the Foreign & Colonial trust talks about his plans for UK's oldest investment company.

Play Dangerous daisy chains, Black Friday blues and Uber valuations

Dangerous daisy chains, Black Friday blues and Uber valuations

This week’s Investment Pulse looks at the domino effect in European banks, America’s disappointing Black Friday and how much Uber is really worth.

Your Business: Cover Star Club

Manchester wealth firm hires Coutts director for London launch

Manchester wealth firm hires Coutts director for London launch

Former Coutts director Tony Robinson has joined Chartered Wealth Management to head the company’s newly opened London office.

Wealth Manager on Twitter