Two Resolution chiefs cut work week by 40pc

FINANCIAL sector takeover specialist Resolution said the chief executive and finance director of its British insurance consolidation vehicle are to cut their working week by 40 per cent as the group focuses its efforts on new projects outside the UK.

Chief executive John Tiner and finance chief Jim Newman, who are also shareholders in the business, will work three days a week on average, Resolution said yesterday. Resolution is increasingly focused on new ventures that could include buying European or US closed life funds and asset managers.

The pair’s scaled-back working hours come as Resolution prepares to usher in new rules allowing Resolution Operations, its Guernsey-based M&A unit, to work with other investment vehicles, ending an exclusive relationship that has been in place since the group was created in 2008.

Resolution shareholders, who are scheduled to vote on the new rules on 13 January, have asked the company to segregate the returns from its UK life acquisitions by carrying out any other consolidation projects through separate investment vehicles.

Resolution, founded by insurance tycoon Clive Cowdery, had originally intended to carry out its UK life insurance consolidation project and all subsequent ventures through the same London-listed entity.