Openwork has revealed it has nabbed former Rathbones boss Philip Howell to become its chief executive.
Howell (pictured) will succeed Mark Duckworth, who has been at the advice network for a decade, initially as commercial development director before becoming chief executive five years ago.
In a press release, Openwork said Howell was widely credited with transforming Rathbones into one of the largest discretionary fund managers in the UK with assets more than doubling from £22bn to £47.5bn over his five-year tenure. He had previously been chief executive of Williams de Broe Wealth Management and of Fortis Private Banking.
He was replaced by finance director Paul Stockton when he exited the FTSE 250 firm.
“The market demand for financial advice continues to grow unabated,” Howell said. “As a long established, now adviser-owned business and ranking amongst the Top 3 financial services networks in the UK, Openwork is already very well positioned.”
Duckworth led Openwork through its transition to independence from Zurich Insurance Group, the press release said. It noted he had turned around its financial performance delivering pre-tax profits of £22.6m in 2018.
“I am incredibly proud of what we have achieved together over the past 10 years for our clients, our business and our culture,” he said.
“I feel that it is now the right time to hand the baton over to a successor to drive the next phase of Openwork’s strategy and development as an independent, adviser-owned business. I would like to thank Openwork’s advisers, staff and the board for all of their support over the past 10 years and wish everyone continued success for the future.”
Openwork Group chairman Christopher Rodrigues said: “On behalf of the Board and Shareholders, I would like to place on record our gratitude to Mark for all he has done to develop the Openwork franchise; during his tenure the Group’s financial performance has been transformed. With Openwork poised to take advantage of its achievements since its independence, we are very fortunate to have attracted someone of Philip’s experience to lead us into our next chapter and I welcome him to what we intend to be the start of a long-term relationship with the Group.”
