1st May 2018 10:01
LONDON (Alliance News) - Rathbone Brothers PLC said Tuesday that Finance Director Paul Stockton will leave his role to become the boss of its major investment management unit after a period of significant growth.
Stockton - finance head since 2008 - will become managing director of Rathbone Investment Management. He will continue to report to Rathbone Chief Executive Officer Philip Howell and will remain an executive director on the board of the FTSE 250-listed financial services firm.
Rathbone Investment Management holds GBP33.8 billion of Rathbone's GBP39.1 billion funds under management as of the end of 2017.
Mike Webb will remain CEO of Rathbone Unit Trust Management which reported GBP5.3 billion in asset under management at the end of 2017.
"The considerable growth in the RIM business in recent years has also brought increasing complexity, so the board and I felt that it was an appropriate time to create this additional role to strengthen the executive team as the business continues to grow," Howell said.
"Paul has made a huge contribution to Rathbones as group finance director and we believe this new role will benefit greatly from his knowledge of both the business and the external market", Howell added.
Stockton will continue in his finance role until a replacement is named, the company said.
Shares in Rathbones were 0.9% lower at 2,332.00 pence on Tuesday.
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