View the article online at http://citywire.co.uk/wealth-manager/article/a721841
Rathbones chief executive Andy Pomfret to retire
by Dylan Lobo on Dec 02, 2013 at 07:23
Andy Pomfret is to retire as chief executive of Rathbone Brothers in February 2014 and will be replaced by deputy chief executive Phillip Howell.
Pomfret (pictured) joined Rathbones in 1999 as group finance director and became chief executive in 2004. Howell joined the private client wealth manager in March 2013 having most recently been chief executive of Williams de Broe (part of the Evolution Group).
Commenting on the news Rathbones chairman Mark Nicholls said: 'Rathbones has flourished under Andy's strong leadership and we all wish him well in his future career.
'It is a tribute to Andy's farsightedness that he brought in Philip as a potential successor at the beginning of the year. Philip has become a key part of the senior team and I am delighted that he is taking over as chief executive. The handover is already underway and I am confident that, under Philip, Rathbones will continue to prosper."
Pomfret added: ‘I've had a fascinating 14 years at Rathbones, initially as finance director and for the last nine years as chief during which funds under management rose from £7.7billion at 31 December 2004 to £20.8 billion at 30 September 2013.
‘I am delighted that we were able to recruit Philip earlier this year and have thoroughly enjoyed working with him. Having recruited my successor, I believe it's now time to use my experience as both a CEO and a non-executive director to develop a plural career. I wish Philip and everyone at Rathbones well for the future.’
Howell looked forward to building on Pomfret's legacy: ‘Leadership of Rathbones is one of the great privileges in our industry. I very much look forward to working with my colleagues to build on Rathbones' well-earned position at the forefront of investment management and client service.’
In its last trading update posted in October, Rathbones revealed assets under management had jumped by 15.6% in the nine months to the end of September to move beyond the £20 billion mark.
Organic growth for the period stood at 4.7% versus 2.8% for the corresponding period of 2012, while net operating income rose by 12.7% to £123.3 million.
At 8.15am shares in Rathbones were 3p lighter at £15.55 as the market digested news of Pomfret's retirement.
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