Brewin Dolphin has announced a number of important changes to its Board including the appointment of a Non-Executive Chairman and Chief Executive Officer.
These changes will support the continued development of the business as it builds on its strong position as one of the UK's largest independently-owned investment managers.
• Simon Miller has been appointed Non-Executive Chairman. He joined the Board in October 2005 and has been Deputy Chairman since February 2012.
• Jamie Matheson, Executive Chairman, has stepped down from the Board after eight years in the role and forty years in the City.
• David Nicol has been appointed Chief Executive Officer; he joined the Board as a non-executive director in March 2012.
• Stephen Ford has been appointed an Executive Director, responsible for Investment Management, and will report to the Chief Executive, David Nicol.
• Current trading and outlook remains in line with our IMS announcement released on 31 January 2013.
Nicol is a Chartered Accountant and joined the Board as a non-executive director in March 2012. David worked for Morgan Stanley in both Operations and Finance roles. He was appointed a director of Morgan Stanley International PLC in 2004 and served on the Board until 2010.
With the implementation of the objectives established by the 2011 strategic review now well advanced, Matheson has stepped down from the Board after eight years in the role. He will be working with Nicol and the management team to ensure a smooth transition to the new leadership, while also being able to devote more time to his other business and charitable interests. Under his Chairmanship, the Company has enjoyed a period of consistent growth and has become one of the largest private client wealth managers in the UK.
As a result of these changes, Henry Algeo, Ben Speke and Sarah Soar have also stepped down from the Board.
Simon Miller, Chairman said: 'On behalf of all our employees and shareholders I want to thank Jamie for his dedication to Brewin Dolphin over the years. His contribution has been immense and his strong leadership has built Brewin Dolphin into one of the UK's leading private client wealth managers, based on a total focus on client service which is core to how we will continue to develop the business. Since Jamie's appointment as Executive Chairman Brewin Dolphin shares have outperformed the FTSE All Share index and delivered a total return of 170% - he will be sorely missed.
As Chief Executive David will bring to the business exceptional qualities and his experience of our industry that he has gained over many years. We welcome him wholeheartedly to this new role.
Henry, Ben and Sarah have dedicated themselves to building Brewin Dolphin into the Company it is today and I would like to thank them for their very significant contribution over the years for which the Board is grateful.
Stephen Ford brings to the Board his valuable experience and detailed knowledge of our investment management business, where for some years he has jointly led the London office.
Current trading and outlook remains in line with our IMS announcement released on 31 January 2013. Our interim results for the six months to 31 March 2013 are due to be released on 29 May 2013'.
Jamie Matheson said:
'Having led Brewin Dolphin through a significant period of growth and steered the business through the changes brought about by the Retail Distribution Review, I believe it is time to hand over the reins. I am proud of what we have achieved and believe that the Company is well structured to build on its enviable position. I have enjoyed my many years at Brewin Dolphin and while the decision to step down is never easy, the time is right for me and the business. I am confident that I leave Brewin Dolphin on a sure footing and with bright prospects'.
David Nicol said:
'Our success under Jamie's leadership has been built on meeting the individual needs of our diverse range of clients with high quality investment advice. As we continue with the implementation of our strategic review, our unstinting focus on the highest levels of customer service will continue to be the hallmark of all we do'.
All Board changes detailed above take place with immediate effect.