Currently, Yearsley is on gardening leave and a spokesman for the firm said that more information about an interim replacement would be forthcoming, but declined to comment any further.
Yearsley joined the group in October 2012 from rival Hargreaves Lansdown with a view to spearheading the launch of Charles Stanley’s direct to client offering in 2013.
In its latest set of full year results, Charles Stanley said its direct division remains a key part of its ongoing strategy, highlighting the fact it reported a 35.1% growth in assets under administration on its core direct-to-client platform as well as a 37.1% jump in revenues.
CEO, Paul Abberley, pointed out that, while the firm is known for its personal service, “We are also acutely aware that our clients require high quality digital access to our products and services. Indeed, whether by choice or because more practical, some will continue to use this route exclusively.
“Accordingly, we remain committed to our highly regarded Charles Stanley Direct offering. The innovative delivery developed within the platform will be leveraged across the Charles Stanley offering, benefitting all clients,” Abberley said.
However, it did take the decision to write down the goodwill associated with Charles Stanley Direct by £3m, leaving the division valued at £5.2m.
