Rathbone Brothers has announced that Andy Pomfret will be retiring as CEO on 28 February 2014. The current deputy chief executive, Philip Howell, will join the Board with immediate effect, becoming chief executive on 1 March 2014.
Pomfret joined Rathbones in 1999 as group finance director and became chief executive in 2004. Philip Howell joined Rathbones in March 2013 having most recently been chief executive of Williams de Broe (part of the Evolution Group).
Commenting on Pomfret's’s retirement and the appointment of Philip, Mark Nicholls, chairman of Rathbones, said:
'Rathbones has flourished under Andy’s strong leadership and we all wish him well in his future career. It is a tribute to Andy’s farsightedness that he brought in Philip as a potential successor at the beginning of the year. Philip has become a key part of the senior team and I am delighted that he is taking over as chief executive. The handover is already underway and I am confident that, under Philip, Rathbones will continue to prosper'.
Pomfret commented: 'I’ve had a fascinating 14 years at Rathbones, initially as finance director and for the last nine years as CEO during which funds under management rose from £7.7bn at 31st December 2004 to £20.8bn at 30th September 2013. I am delighted that we were able to recruit Philip earlier this year and have thoroughly enjoyed working with him. Having recruited my successor, I believe it’s now time to use my experience as both a CEO and a non-executive director to develop a plural career. I wish Philip and everyone at Rathbones well for the future'.
Howell commented: 'Leadership of Rathbones is one of the great privileges in our industry. I very much look forward to working with my colleagues to build on Rathbones’ well earned position at the forefront of investment management and client service'.
image: © C.P.Storm