Charles Stanley has revealed chief executive Paul Abberley will take on some responsibilities of Gary Teper, the former head of investment management, who resigned from the wealth manager in May after his position was put under review.
Charles Stanley refused to comment when questioned by Portfolio Adviser about reports platform managing director Magnus Wheatley and head of asset management Christopher Aldous have also left the business.
At the start of May, Charles Stanley revealed it was mulling axing their roles as it seeks to bring its margin to 15%.
However, it is currently only discussing the exit of Teper, who was a board director.
A spokesperson for the firm said Teper’s former duties will be split into investments and business development and handed to Abberley and chief risk officer Peter Kelk respectively.
Abberley’s duties will cover processes, client proposition and commercial outcomes of the investment and research divisions. Kelk will be responsible for non-investment aspects and developing an operational strategy to achieve the division’s goals.
