Martin Young, the founder and group chairman of the UK-based, internationally-focused Meyado wealth management group, is leaving the business, and will be succeeded at the head of the company by the firm’s longtime head of its Singapore-based Asian operations, Mark Paine.
In a statement announcing the change, which will see Paine acquire all of Young’s shares in Meyado Group, Meyado International and Meyado Private Wealth Management London – subject to regulatory approval – Young, who is understood to be in his early 50s, didn’t give a reason for his departure.
However, in a telephone interview, he said he was leaving to pursue “a number of other business interests” in areas other than financial advice, including venture capital and fintech, and stressed that the parting of ways had been entirely amicable and “very friendly”.
“I’ve got a lot of exciting, slightly larger things to do in the future, so I’m moving on with my career,” he added.
Origins in Frankfurt
Young, a Briton, founded Meyado in 1993, in Frankfurt. Today, although its head office is in London and it has another three outposts in the UK, most of its clients, or around 4,000 out of 4,250, are located elsewhere, looked after by advisers in Singapore, Manila and Frankfurt as well as by its UK staff.
In 2000 Meyado acquired Cameron Butler International and Finesco Overseas, and in April of this year, it acquired Portfolio Builders in Singapore.
Paine, pictured, is a cousin of Young’s, and joined the firm within months after it was founded. He set up its highly-successful Singapore office six years later.
In the statement announcing the changeover, Young noted that Paine was “well positioned to steer the commercial activities of the company globally”, thanks to his years with the business.
He added: “I feel that it is more important than ever that the business operates at the level of an international group, with the strength of retaining client and institutional relationships globally.”
Paine couldn’t be reached for comment, but noted in the statement that Young had been “the original driving force behind the formation of Meyado in Germany and the international expansion into Asia and the Middle East”.
“He has trained and guided many people over the years within the industry, as well as taken some of them on really challenging expeditions and adventure training. His enthusiasm and energy have always been remarkable, and it will be interesting to observe his progress and endeavors over the coming years.”
Paine added that he was “hugely positive” with respect to Meyado’s prospects in Asia, the Middle East, Europe and the UK, and said that going forward, the company would be “working more closely with its international affiliates, to give it more breadth and scale especially in terms of assets under management and consolidated recurring income streams”.
Earlier this year, Young appeared on the cover of International Investment’s first issue since it re-launched after a break of around eight years. In the story that accompanied the cover photograph, Young described his plans for a new fintech operation that the company was developing for its European clients. It would, he said, enable Meyado’s clients to access “every single one of the 48,000 funds available throughout Europe, and every single one of the 66 platforms available, to every single client, very very quickly and efficiently”.