WH Ireland has appointed a former Goldman Sachs banker to its board highlighting his experience developing broking businesses.
Philip Shelley, 52, will serve on the audit, risk and remuneration committees.
Shelley currently runs Arlington Capital Markets but previously held positions across a number of major banks. He was vice chairman at Barclays Investment Bank, ran the Goldman Sachs corporate broking and equity capital markets team and was head of corporate broking at UBS, where he worked for 15 years.
A regulatory filing highlighted that during his 24-year career Shelley had “advised and raised equity for a wide range of UK public and private companies”.
WH Ireland lost several top senior figures last year and issued multiple profit warnings. Former Brewin Dolphin fixer upper Stephen Ford was recruited in December to transform the business.
This year the firm revealed it would be raising £5m in emergency funds in order to meet its capital adequacy requirements. Polyon Global Partners and M&G Investments agreed to pony up the bulk of the £4.95m gross funds raised, enhancing their stakes in the business to 29.8% and 14.9% respectively.
‘There remains much to do’
Shelley said: “While the new management team has made good progress there remains much to do and I look forward to helping the WH Ireland business achieve its true potential.
“I believe that the WH Ireland brand remains a strong positive as does the company’s performance for its wealth customers. Its significant broking and private funding business provide a good platform for growth. I believe that WH Ireland’s high quality service and fund raising capabilities for its clients have never been more important.”
WH Ireland chairman Tim Steel said: “[Shelley] has spent his entire career in the City and has first-hand experience of developing broking businesses and helping companies grow. We believe that he will be able to bring his extensive experience, gained over 24 years, in support of the new executive management team as we move forward to build value for clients, employees and shareholders.”
