WH Ireland has announced that its CEO Richard Killingbeck is to leave the company after the company posted losses of £1.6m earlier today.
The company – which has bases both in the UK and the Isle of Man – said in a statement earlier today that Killingbeck, will not be seeking re-election as a director of the company at its forthcoming Annual General Meeting on 27 September 2018 and is leaving at the end of this month in order to “pursue other opportunities”.
Killingbeck, who has been chief executive of the wealth management company since January 2013 will be replaced by Phillip Wale, currently head of fixed income at Cantor Fitzgerald Europe. Wale will take over as CEO at the beginning of August, the company said.
Tim Steel, chairman, at WH Ireland said: “The board would like to express its thanks to Richard for his significant contribution to the Group over the past six years. During this time, he has overseen the key transformational changes that have positioned WH Ireland as a modern and more efficient organisation. We wish him well in the future”
The company also announced its final results for the sixteen months ended 31 March 2018 with a loss of £1.6m, compared with a loss of £1.3m for the 12 months to the end of November 2016.
The company saw its assets under management and administration decrease from £2.8bn to £2.5bn as it aimed to reduce what it deemed low margin, non-discretionary assets. During the past couple of years, WH Ireland has been undergoing a transition within its private wealth management division to an advice-led, fee-driven model.
Discretionary assets under management meanwhile increased to £1.08bn from £1.01bn and the company pointed to a “significant increase” in management fee income to £12.2m (2016: £7.6m), reflecting “strong progress” in switching discretionary assets to fee-based charging structure.
Steel added: “We have made considerable progress continuing the transformation of WH Ireland. However, as we previously stated, this process of change has not been without its challenges given market conditions and the scale of change that we have been implementing; this has resulted in losses being incurred last year – but a much clearer path to profitability is now ahead of us in the new financial year and beyond.”