Gerrard Investment Management’s new regional head in Glasgow Mark Kibblewhite has sent a memo around to staff appealing for them to back his...

Gerrard Investment Management’s new regional head in Glasgow Mark Kibblewhite has sent a memo around to staff appealing for them to back his vision for the company, or “I don’t want you here”, according to reports in the Scottish media. The memo follows six departures from Gerrard’s Glasgow office since May. Reports say the departures were against the background of a new investment strategy initiated by Mr Kibblewhite. He has apparently stepped-up the scrutiny of managers’ investment performance. The disagreements over investment style appear to stem from a perceived shift away from what Mr Kibblewhite calls "traditional-style stockbroking", to a "new wave business" in which clients will have access to multi-asset classes. Gerrard is not the only private client stockbroker moving down this route. The six departures were Graeme Brock, a Glasgow office director, who left last week, Stephen Quaile, a former head of the Scottish operation, and directors Colin Lawson, Rowan Braithwaite, Tom Mitchell and Douglas Scott, who all left in May. They are all currently on six-months gardening leave. Their departure came within days of Philip Monks, Gerrard's managing director at the time, leaving by mutual agreement. There is considerable speculation over where the six investment managers are likely to end up. Among the firms mentioned so far are Charles Stanley, JM Finn, Spiers & Jeffrey and Rensburg Investment Management.