Wealth Manager - the site for professional investment managers

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

Rathbones appoints chief executive as Howell steps down

Rathbones appoints chief executive as Howell steps down

Rathbones chief executive Philip Howell (pictured) is to retire next year with the role passing to long-serving finance director Paul Stockton, who was promoted to managing director of the private client wealth arm in May.

Stockton joined the company in 2008. He will head Rathbones following Howell's formal departure in May, with the two working on a handover basis in the interim.

Chair of the business Mark Nicholl said: 'Under Philip’s leadership, Rathbones has firmly established itself as the leading UK wealth manager and, on behalf of the board, I would like to thank him for the strong direction, unfailing commitment and dedication he has provided to Rathbones during his tenure.

'The board recognises the importance of careful succession planning at Rathbones and, having worked with Paul for many years, we are delighted with his promotion to chief executive officer.

'Paul has built up considerable experience and a deep knowledge of the firm, its values and culture and I wish him every success as he takes on his new responsibilities.'

Howell, a former boss of Williams de Broe, had headed Rathbones since early 2014, taking over from Andy Pomfret, who he had previously worked under as deputy.

Since late 2013 shares in the group had climbed from £15.58 to £24.12, although in common with the rest of the sector they have rerated lower from a 2017 peak, having slipped from a record high of £28 in August last year.

Stockton is the second head of finance at Rathbones to ascend to the top of the table, with Pomfret also occupying the same role before his 10-year spell as boss.

The company said Stockton had played an 'integral role' in the company's growth in the decade since he was hired from Resolution, which he had joined as finance director via its consolidation of closed life book business Pearl.

He had also previously headed finance at Euroclear and Old Mutual, having qualified as an accountant at PwC in 1988.

Assets under management at Rathbones more than doubled during Howell's tenure, rising from £20.8 billion at the time Pomfret decided to step down to £47.3 billion.

The August purchase of Speirs & Jeffrey added £6.7 billion of that total. In a statement, Howell said: 'It has been my privilege to lead and work alongside the many talented professionals and dedicated support staff who compose Rathbones.

'I am very grateful for their considerable contribution to our success over the past five years. I look forward to working closely with Paul through the transition and I am confident that he will lead the firm to continued success.'

In addition to ensuring that the core discretionary business remained competitive and compliant during one of the biggest ever periods of change to sector regulation, Howell has diversified the business via the launch of its upper-end Private Office.

That has not been universally cheered by the company's backers however, with broker N+1 Singer last year questioning the unit's ability to add to shareholder returns.

Stockton added that the opportunity of the role was 'truly exciting' and he looked forward to building 'on our position as a leading UK wealth manager'.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Your Business: Cover Star Club

Profile: Altor's Towry graduates on launching a family business

Profile: Altor's Towry graduates on launching a family business

Altor Wealth Management was launched on of a shared vision to form a family-style company that would charge fairly and differently.

Wealth Manager on Twitter