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.”
By Madhu Kalia
Most respondents in this week's Pensions Buzz do not think businesses should be able suspend AE contributions if in financial distress.
Former BHS owner Dominic Chappell has lost the appeal against his section 72 conviction and sentence for failing to hand over information to The Pensions Regulator (TPR).
This week's top stories include Marsh and McLennan Companies agreeing to buy JLT, and the home secretary calling for AE to be scrapped in a no-deal Brexit scenario.
Lesley Titcomb says the watchdog wants closer interactions with pension funds to spot problems sooner and act before having to use its more stringent powers