CHARLES Stanley yesterday promoted chief investment officer Paul Abberley to the role of chief executive.
The top job became vacant last month when new EU rules forced chairman Sir David Howard to relinquish his executive role – the Capital Requirement Directive argues the chairman should oversee the executives, rather than holding both jobs at once.
The announcement failed to prevent shares in Charles Stanley closing down 4.17 per cent to 310p in a year that has seen a steady decline in share price from a peak of 511p.
Abberley only joined the investment management group in June of this year. He has previously enjoyed senior positions in both Aviva and ABN AMRO.
“Paul stood out from amongst a strong field of candidates, both internally and externally, that entered the process for appointment for the chief executive officer role,” said Howard.
“Paul is perfectly equipped with the knowledge, experience and expertise to lead Charles Stanley.”