UK - Chief executive of Britannic Group, Danny O' Neil, has quit the firm after only nine months in the post.
O’Neal’s appointment was announced last March. The firm said that his decision was caused by “personal reasons”.
But the former chief executive of Britannic Asset Management will stay on as consultant to the group and will become non-executive deputy chairman of BAM. His key responsibilities involve working closely with BAM’s executive directors in all areas of development and to provide support to group chairman, Harold Cottam.
Cottam will assume O'Neil's position until a successor is found.
Additional management restructuring includes the appointment of Malcolm Williamson who joins the firm in March as a deputy chairman of Britannic Group. He takes over from Sir Brian Pearse who retires from the board in April. David Allvey also joins Britannic in March as a non-executive director. Until recently, Allvey was group finance director of Barclays.
Britannic also announced a dip in annual business sales for 2001. New sales for the total group, excluding mortgages, fell to £1.1bn at the end of December compared to £1.2bn for the same period, 2000.
Overall results for BAM fell to £751m, a fall of £36m on the previous year. New fund management mandates also stooped by £102.6m to £448.6m.
Commenting on BAM’s results Cottam said that the firm has “performed well despite market conditions.”
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