People Moves

Change At The Top Of UK's Brewin Dolphin

Stephen Little, Reporter, London, 8 August 2014

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Brewin Dolphin has announced a string of high profile senior departures and moves within the company, including the appointment of a new chief operating officer.

Brewin Dolphin has announced a string of high-profile senior departures and moves within the company, including the appointment of a new chief operating officer. The firm recently announced it was scrapping the rollout of a new technology system in part of its business, incurring a £32 million ($53.8 million) hit to its financial results.

The firm said in a statement that IT chief Gareth Williams is leaving after 12 years with the company, along with director of marketing, Philip Browne, who has been with the firm for eight years.

Meanwhile, Thomas Lack has been appointed chief operating officer from Coutts, where he was head of wealth operations. Before this, he worked in finance and operations roles at RBS Global Banking and Markets, Morgan Stanley and UBS. He will report to chief executive David Nicol and will join the group’s executive committee.

Rob Burgeman and Peter Long have also stepped down from their joint head of London roles to concentrate fully on their clients and their teams of investment managers after joining in May last year, Brewin said. They will remain members of the London Executive Committee.  

Stephen Jones, formerly head of Brewin Dolphin Birmingham and latterly head of the Midlands region, has been appointed senior regional director and a member of the group executive committee, reporting directly to Stephen Ford, head of investment management and director of Brewin Dolphin Holdings.

Last month, Brewin Dolphin reported a slight fall in total income of £73.1 million ($124.7 million) in the three months to 29 June this year from £73.3 million in the same quarterly period a year ago. The London-listed investment and wealth management firm said commissions fell 12 per cent year-on-year to £20.9 million, but fees rose 15 per cent to £46.1 million.

In May, Brewin decided to terminate the roll out of its new technology system, Figaro, across its discretionary wealth business, after hitting snags in its execution-only arm. It said that it will take a pre-tax impairment cost of around £32 million in the second half of 2014 as a result of this decision, based on the consequent reassessment of the value in use of the software asset under development.

Brewin Dolphin also recently closed down its offices in Chester and Truro as it continues to consolidate its branch network. The Chester and Truro branches will now merge into the Manchester and Plymouth offices.

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