5th Mar 2021 10:49
(Alliance News) - Rathbone Brothers PLC on Friday announced that Chair Mark Nicholls has decided to retire with immediate effect due to "unforeseen personal circumstances".
The London-headquartered wealth manager said Senior Independent Director Jim Pettigrew will take on the role of interim chair until its 2021 annual general meeting.
Following the end of the AGM, Chair Designate Clive Bannister is anticipated to assume the role subject to regulatory approval.
"On behalf of the board and all at Rathbones, I would like to thank Mark for his long and distinguished service to the firm and extend to him our appreciation for his dedicated and invaluable contribution to the board and firm over the last 11 years," said Chief Executive Paul Stockton.
On Thursday, Rathbone reported its total funds under management and administration had reached GBP54.7 billion at the end of 2020, up 8.5% from GBP50.4 billion a year ago. Total 2020 net inflows were GBP2.1 billion versus GBP600 million in 2019, while pretax profit rose to GBP43.8 million from GBP39.7 million.
Shares in Rathbone Brothers were down 1.7% at 1,638.00 pence in London on Friday.
By Zoe Wickens; [email protected]
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