Rathbone Brothers has appointed EFG Private Bank’s Jennifer Mathias as group finance director.
Mathias replaces Paul Stockton, current group finance director, who has simultaneously been working as managing director of Rathbone Investment Management since May. The investment manager has been looking for his replacement for the last five months.
Stockton will be solely dedicated to the investment management role when Mathias joins on 1 April 2019.
Gender pay gap
Rathbones confirmed in a trading update that Jennifer’s remuneration package will be in “broadly in line” with that received by its existing group finance director. Details will be fully disclosed in its 2019 annual report.
Rathbones pays women 46.5% less than men on average, one of the highest discrepancies in the industry, according to its gender pay report published in Q1. Women’s median hourly rate was 47.2% lower than men’s.
Speaking to Portfolio Adviser earlier this year, before the firm’s gender pay gap data was released, Rathbones UK Opportunities fund manager Alexandra Jackson said she wanted to see more women in senior roles but admitted it can be hard to change the composition of senior teams.
Rathbones executive committee
Mathias’ role will sit alongside the roles of the CEO and managing director of Rathbone Investment Management, increasing the total number of executive directors on the board from two to three.
She had been chief finance officer (CFO) at EFG Private Bank and deputy chief executive officer since 2015. Prior to this position, Mathias was global CFO at Coutts and held various senior finance positions at Lloyds Banking Group.
Philip Howell (pictured), chief executive of Rathbones, said Mathias has extensive experience in wealth management and private banking. “She will make a significant contribution to the delivery of our strategic plans and brings qualities that will be complementary to the management team at Rathbones.”
A spokesperson for EFG Private Bank said it would announce a successor in due time.
