ORIEL Securities, the expanding stockbroking firm that is bidding for Hoare Govett, has lost one of its senior executives after less than a year.
Glenn Poulter, who joined Oriel as head of equities in December 2010, has left the firm after asking chief executive Simon Bragg whether he could extend his settling-in period during which his sizeable financial investment in Oriel could have been taken out.
Poulter made the investment in Oriel when he joined the firm and, as is common, was entitled to withdraw it at any time during the first 12 months if he felt the new role was not working out.
According to sources, he asked Bragg whether the settling-in period could be extended by six months, a request that was refused. Poulter left Oriel before Christmas, sources said.
Some say that the disagreement over the length of the settling-in period was just one of many factors. “It’s unfortunate that Glenn’s not with us, but things just did not work out,” said a source.
Poulter, who is recovering from a back operation, is still listed as one of the key executives on Oriel’s web-site but calls to him were not being put through yesterday.
“He has left the firm,” a receptionist said.
Poulter was hired by Oriel from Icap, where he spearheaded the money-broker’s push into equities. He was previously the former head of Citigroup’s European cash equities business.
Oriel, which has the former Hoare Govett luminary Peter Meinertzhagen on its board and is adviser to 56 corporate clients, is interested in bidding for the RBS unit.
It is expected to face competition from other bidders, including the Canadian group that tried to buy Evolution, CIBC.