Citywire printed articles sponsored by:
View the article online at http://citywire.co.uk/wealth-manager/article/a645180
Rowan Dartington incentivises staff with major equity stake
by Dylan Lobo on Dec 14, 2012 at 07:31
Staff share ownership of Rowan Dartington has doubled to 30% after the management released equity to ensure employees remain incentivised.
The move was triggered by staff, who approached the board six months ago asking if they could personally invest in the business. After consultation, existing shareholders, including chief executive Graham Coxell, agreed to a reduction in their holdings to enable this.
Coxell told Wealth Manager the shares, which staff purchased at market value were oversubscribed. The shares were snapped up at a premium to Rowan Dartington's value at its acquisition last March.
Outlining its plan, Coxell (pictured) said the group is currently finalising arrangements for the transfer of equity, which will see its 100-strong team’s ownership of the firm, excluding Coxell, rise from 15% to 30%.
The employee ownership is spread across a wider catchment, with members of the compliance, operations and support staff given an interest in the future of the firm.
Coxell said the vote of confidence in the business has made him proud.
‘This provides evidence that, despite the uncertain macro conditions, there is confidence in both our people and future, which is very humbling.’
Rowan Dartington has an ambitious growth strategy, which could see it make acquisitions as it looks to grow its regional presence, although Coxell said organic growth remains the key focus.
News sponsored by:
Subscribe to Wealth Manager magazine and rack up CPD points
Citywire Wealth Manager has partnered with CISI to enrich the experience of subscribers to our magazine.
Today's top headlines
More about this:
Aberdeen Live supplement: Fundamentals point to ongoing flows and solid returns from EMD
After a record year for inflows and market-leading performance in 2012, emerging market debt has taken a large step towards the mainstream. Our recent debate covers the outlook for the asset class this year and where opportunities can be found.
On the road
by James Phillipps on May 20, 2013 at 10:29