First Actuarial restructures management and ownership structure

Changes include the appointment of the firm’s first managing partner

Jonathan Stapleton
clock • 1 min read

First Actuarial has overhauled its management and decision-making structures following the growth of the business.

The consultancy said it was launching a new management and ownership structure to support the firm as it continues to grow.

Underpinning the changes is a management board, which will oversee day-to-day operations. As the firm's first managing partner, David Joy will lead the board, which will include five other partners Kate Hulme-Vickerstaff, Mark Riches, Mark Rowlinson, Hilary Salt and Rohit Siqueira.

Joy explained: "We started in 2004 as a small MBO with 20 people and a turnover of £1m. We now have over 350 employees and a projected turnover of £31m this year. The new structure brings clear and simplified decision-making channels across our growing business."

First Actuarial said the board would work with all partners to further improve client services, create staff opportunities in developing areas such as financial wellbeing, and support scheme members fully.

Joy said: "To build on our succession planning, there are now greater opportunities for all partners to buy equity. This gives them real ownership of the business and secures the future of First Actuarial as an independent and owner-managed consultancy firm."

He added: "With strategic improvements to systems and management processes, we can meet the needs and expectations of the firm's expanding client base.

"We will also be better positioned to recruit and retain the most talented professionals in the pensions field. We look forward to welcoming new scheme trustees and employers who want to experience the distinctive approach of First Actuarial and its staff."

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