PAUL Compton, the former Toscafund hedge fund manager, is still waiting for FSA clearance before being able to take up his new role at the small companies broker WH Ireland.
Compton, who worked at Merrill Lynch and Collins Stewart before joining Toscafund, has had the summer off waiting to assume his new role at WH Ireland. He joined the firm in September and has already been active in the hiring process.
But yesterday it emerged that chairman Rupert Lowe and finance director Nigel Gurney are undertaking the chief executive’s role at the company pending Compton’s clearance by the FSA.
A statement from WH?Ireland said the group had applied to the FSA for approval of the new appointment and that it was now awaiting the outcome of the application.
Sources close to the company said they hoped approval would come soon, but some in the City expressed surprise that it had not come already.
Former chief executive Richard Ford decided to quit the group in May after two years.