BREWIN Dolphin’s executive chairman Jamie Matheson stepped down yesterday, after eight years at the top of the private client wealth manager and four decades in the City.
Matheson said the time was right to leave, having carried out most of the changes planned in a 2011 review, and readied the firm for the FSA’s ban on commission-based selling.
“I am confident that I leave Brewin Dolphin on a sure footing and with bright prospects,” the 58-year-old Scotsman said in a statement.
The firm will now split Matheson’s role in line with corporate governance best practice, appointing Simon Miller as non-executive chairman and David Nicol as chief executive.
Both have been on the firm’s board since early 2012, though Brewin had hired a headhunter to scout candidates inside and outside the firm.
Nicol, a chartered accountant and former Morgan Stanley director, was a client of Brewin’s for over a decade.
Matheson, a keen sailor, will remain at the firm as a consultant for six months, and is believed to be weighing up non-executive roles. He has been a non-exec at STV since 2007.
As part of the overhaul, Brewin has also promoted Stephen Ford, joint head of the London office, to an executive role on the board. Regulatory and risk head Barry Howard, chief operating officer Henry Algeo and directors Ben Speke and Sarah Soar have stepped back from the board.
Shares in Brewin Dolphin rose by 5.8 per cent following the news.