‘No truth’ in Brewin Dolphin takeover talk

By ERIKKA ASKELAND
Published on 21/03/2013 19:56

JAMIE Matheson, executive chairman of wealth manager Brewin Dolphin, scotched rumours that the company is subject to a potential takeover after it was revealed he was stepping down “with immediate effect”.

His departure after eight years in the post was announced as part of a wider boardroom reshuffle which sees non-executive director David Nicol take the role of chief executive.

Stephen Ford, joint head of the group’s London office, will oversee investment management, replacing Henry Algeo who is leaving after assuming the role of group managing director and head of investment management a few months ago.

Business development director Sarah Soar and director Ben Speke are also parting ways with the firm.

Matheson, 59, said it was the right time for him to leave, but his departure was met with some surprise among analysts, including those at RBC Capital Markets who said he was “synonymous with Brewin Dolphin”.

The boardroom overhaul prompted Owen Jones at Shore Capital to suggest that the change opened up the “possibility of the group being subject to a takeover bid”.

Industry consolidation saw Seymour Pierce’s business carved up by WH Ireland and Cantor Fitzgerald last month, while Investec swooped on Evolution Group, owner of Williams de Broe, in 2011.

Simon Miller, the company’s newly appointed non-executive chairman, said Matheson will be “sorely missed”.

Nicol, a Scot, was chief administration officer for Morgan Stanley Europe until 2010. The firm said Matheson would act in an advisory role until the transition was complete.

Matheson dismissed the takeover speculation. “Why would somebody like David take on the post only to have it taken from under his nose? I don’t see the logic in it at all.

“When the board asked me how long I would do the job I said I would love to do it for between seven and nine years. This is eight years. It has been 24/7 and I have done what I wanted to do.”