WH Ireland has warned of higher costs for the financial year and revealed several board changes in a trading update.
The wealth manager and broker said exceptional costs for the financial year ended 31 March 2019 are anticipated to be higher than original expectations after a number of significant one-off expenses as the firm continues its transformation strategy.
It also said market conditions continue to be challenging.
Shares were down 9.72% following the update.
Board changes
Meanwhile, the firm announced non-executive director of the board Jonathan Carey is to step down. Carey, who has been a board member since 2016, will step down when a suitable replacement can be found, and no earlier than 31 March 2019.
The firm has also appointed Philip Tansey as finance director. Tansey will join the board in December in a move that, along with the recruitment of Stephen Ford as head of wealth management, WH Ireland said reflects its new CEO Phillip Wale’s intention of putting in place a leadership team to position the company for future growth.
Tansey joins from Panmure Gordon where he was a chief financial officer between 2011 and 2017. Prior to that, he was managing director of Nasdaq-quoted US inter-dealer broker, BGC Partners Inc from 2008.
He has also held various roles at Deutsche Bank, CSFB, CIBC Wood Grundy, Salomon Brothers and BDO Stoy Hayward.
Wale said: “Philip brings a wealth of experience that will be valuable to WH Ireland as we continue on the path towards growth and profitability. At the same time, the board thanks Jonathan Carey for his excellent contribution to the company and wishes him well for the future.”
