Roddy Buchanan (pictured) has departed with immediate effect, the firm confirmed today.
A statement from the company said: “Following recent discussions at the board in respect of the strategic direction of the company and how to best capitalise on the future opportunities and achieve the next stage of the private wealth management division’s growth plans, it was agreed that a senior management and governance reorganisation was required. As a result, Roddy Buchanan has stepped down from the role as head of wealth management with immediate effect.”
Buchanan joined WH Ireland as head of wealth management in 2012 from Weatherbys Private Banking where he was head of investment. Prior to that, he was head of wealth management at Ansbacher and Co and has held senior roles at SG Investment Management and Capel Cure Myers.
WH Ireland added: “We would like to thank Roddy for his tremendous contribution to the ‘journey’ from private client stockbroker to private wealth manager and wish him well for the future.”
Speaking to Portfolio Adviser last year, Buchanan said the firm was open to M&A activity and emphasised the importance of wealth managers embracing the digital age.
However, in May the firm issued a loss warning for the 16 months to the end of March, citing escalating wealth management costs and a reduction in transactions from the corporate and institutional broking division. The firm is due to publish final results for the period on 16 July.
Profits were also hit hard late last year owing to unexpected costs arising from implementing Mifid II changes, the firm said.
