The top boss of Walker Crips investment management division Mark Rushton (pictured), who was tasked with transforming the business, has resigned.
The wealth manager confirmed in an RNS announcement on Wednesday that Rushton had informed the board of his intention to step down as group director and chief investment officer and from his post as chief executive of Walker Crips Investment Management (WCIM). It did not specify where Rushton would relocate.
Rushton’s directorships will end today on 30 January before he officially leaves the group on 28 February.
Group CEO Sean Lam will take over as interim chief executive of the investment management arm.
Transformation
Rushton first joined Walker Crips back in February 2012 at a time when the group was pushing to expand its reach. During his seven years at the firm he helped WCIM treble its assets under management and administration and, together with senior management, laid the foundation for the group’s next phase of development.
Group chairman David Gelber said Rushton played a pivotal role in the investment management arm’s transformation.
“On behalf of the Board, we would like to thank Mark for his valued contribution to the group,” Gelber said. “He has driven the expansion of the group through the growth of our investment management business and has introduced and implemented numerous enhancements in our offering and practices. As group CIO and CEO of WCIM, he was pivotal in transforming WCIM from a commission-based business to a fee-based business and attracting discretionary and advisory investment managers and their clients. He has led with immense integrity and we wish Mark well for his next challenge.”
Challenging performance
Rushton’s departure comes after a challenging reporting period for the group in which it saw profits halve and recorded sluggish growth in assets.
The firm’s last trading update for the six months to 30 September 2018 showed the group’s pre-tax profits fall from £390,000 to £188,000. The year before it had seen profits grow tenfold.
The investment management arm saw its revenues shrink by 2.1% to £13.9m due to weaker trading volumes against an uncertain market backdrop and from clients switching from commission based to fixed fee tariffs.
Walker Crips currently has £5.2bn in assets under administration, up just £200m from £5bn at the end of March.
‘Hidden gem’
Prior to joining Walker Crips Rushton worked at BNP Paribas as head of offering for its UK wealth management division. He has also held roles at Fortis, Cazenove Capital Management and UBS.
Commenting on his departure Rushton, said he felt privileged to have played his part in the leadership of Walker Crips, a company he once described as a “hidden gem in the City”.
“I have been blessed with fine colleagues who will write the next chapter of the firm’s story,” said Rushton. “I am grateful to my fellow directors, our investment managers and our staff for their diligent hard work and conscientious support during my tenure at Walker Crips.”
