Redmayne-Bentley ends Welsh foray with Newport closure

Redmayne-Bentley has closed its first Wales office just ahead of what would have been its third anniversary.

The national stockbroker spied an opportunity to enter into the South Wales market following the takeover of Edward Jones by Towry.

It opened the Newport office February 2010 after taking on a four-strong team from Edward Jones, including broker Daniel O’Connell, who was tasked with heading the regional unit together with his second in command, Keith Poultney.

It was hoped the pair would bring over clients, especially since Redmayne-Bentley was the only full service stockbroker in Newport and the county of Gwent.

However, O’Connell decided to leave Redmayne-Bentley in September last year and rather than find a replacement for him, the decision was taken to shut the office down. Both clients and staff have been transferred to other offices.

‘Following the Newport branch manager’s desire to pursue other interests, the branch would have been under-resourced to service clients,’ a spokesman for the firm said.

‘Therefore, a decision was agreed that the branch would close and clients would be serviced from elsewhere within Redmayne-Bentley.’