The rebirth of Bristol brokers and wealth managers Rowan Dartington is continuing with the recruitment of Guy Stephens as chief investment officer and Tim Cockerill as head of collectives research. Earlier this summer both quit Ashcourt Rowan Asset Management, a London-based specialist wealth and investment management business.
It marks another significant step on the road to a brighter future since Rowan Dartington was fined £511,000 last year by the FSA following a settlement system failure between 2007 and 2009 – its back office was saddled with more than 150,000 of unreconciled trades.
Mr Coxell, who held senior positions at Capita and Marlborough Stirling, said at the time that Rowan Dartington's previous problems were consigned to history. He added that with £1bn of client assets, the firm had navigated through some significant challenges over the previous few years but had remained one of the most significant players in the market.
He told What Investment: "It has been a difficult couple of years for the company but its values have remained the same since it was established – it prides itself on putting customers at the heart of everything it does.
"The fact that a considerable proportion of staff, at all levels, chose to invest in the business alongside us as part of this deal, shows they have a firm belief in the future of the company."
Newly-appointed head of collectives research Tim Cockerill was Ashcourt's head of fund research and designed the group's central fund database, comprising more than 200 funds.
Graham Coxell said: “Both men have an enormous amount of investment experience and are very well respected across the industry. We are excited to have them here as we continue to unlock the potential to expand our discretionary service and offer our clients a greater proposition.”
Another significant arm of Rowan Dartington is bespoke portfolio manager Signature, led by managing director Andrew Morris and fund manager Mark Sevier. This is a differently branded business focused on running money on behalf of IFAs. It believes IFAs will increasingly outsource money to discretionary wealth managers - a trend which can only add to the underlying strength of its parent company.
Overall, Rowan Dartington has around 80 staff spread between its head office in Bristol's Colston Tower and branches in London, Weston-super-Mare, Chichester and Hereford.
