Increasing Chartered Monetary Planner Skerritts Group has employed former Quilter CEO Paul Feeney as its new group CEO.
Mr Feeney will take up his new function from 2 Could topic to regulatory approval.
Skerrits founder Richard Skerritt will stay on the board as a non-executive director.
Brighton and Hove-based Skerritts has expanded quickly in recent times and made quite a few acquisitions.
In March it acquired Horsham-based Monetary Planner Mercier Allen & Associates. In 2022, Skerritts accomplished 4 acquisitions, including new places of work in Kent, Hampshire and London and about £560 million of AUM. In January this yr, Skerritts acquired Kent-based Monetary Planning Agency, Equinox Wealth Restricted, which introduced one other £62 million of AUM.
Skerritts has a head workplace in Brighton and Hove with about 50 workers serving 35,000 shoppers. In March 2021, UK non-public fairness agency Sovereign Capital Companions invested £55m in Skerritts to gas enlargement.
Mr Feeney is the the previous CEO of Quilter, a FTSE 250 wealth supervisor with over £100bn in belongings below administration. He spent 10 years increase the agency, now one of many UK’s greatest wealth managers.
He left Quilter in October after 10 years in cost and was changed by Steven Levin, former boss of Quilter’s Prosperous section.
Previous to Quilter, Mr Feeney held senior roles within the wealth and asset administration sector, together with as group managing director of Gartmore Funding Administration, and chief govt of NatWest Non-public Financial institution.
Skerritts provides shoppers an built-in recommendation and funding administration service and is planning new digital companies within the close to future. Additionally it is searching for additional acquisitions and to extend its regional protection which is presently centered primarily on the South. It plans to roll out its “purchase & construct” acquisition technique, it says.
Richard Skerritt, founding father of Skerritts, stated: “I’m immensely happy with Skerritts and what now we have created over the past 30 years. The enterprise offers shoppers with a holistic wealth administration providing, and following Sovereign’s funding in early 2021, now we have additional invested in our capabilities.
“The expertise roadmap for the subsequent 18 months could be very thrilling. Paul’s important sector expertise will enable the group to succeed in its full potential and I stay up for supporting the enterprise and Paul as a seamless board member and non-executive director.”
Andrew Fisher, non-executive chairman of Skerritts, stated: “Paul is an impressive CEO and enterprise chief. Having labored with Paul beforehand, I’m very excited that he has agreed to hitch Skerritts to take it to the subsequent stage in its growth. Richard has constructed an awesome platform and now with Paul on the helm now we have the chance to create a number one enterprise within the wealth administration sector.”
Mr Feeney stated: “I’m delighted to have the chance to work with Andrew once more and in addition now Richard, two of essentially the most profitable entrepreneurs within the wealth administration market. Skerritts has all the correct constructing blocks and, importantly, the correct values to grow to be one of many main wealth administration companies on this nation, and with the continued backing of Sovereign Capital, that’s precisely what we’re going to create.”
