Jonathan Polin appointed chief exec of Ashcourt Rowan

Former Ignis sales and marketing director Jonathan Polin has been appointed group chief executive of Ashcourt Rowan.

Polin replaces Mark Cheshire who is stepping down with immediate effect as part of a reshuffle that will see interim chairman Kenneth “Buzz” West promoted to non-executive chairman.

Polin says: “The wealth management sector is a hugely exciting space and is set for significant growth and opportunity. In Ashcourt Rowan there is a strong brand, committed individuals and a firm platform in which to grow organically and through acquisitions

“The time is right to seize the opportunities that RDR, the talent migration to the sector and consolidation in the industry presents to create a truly vertically integrated financial services business to deliver the best advice to clients and real shareholder value.”

In September 2010, Ashcourt Rowan acquired Co-op’s IFA arm for an undisclosed sum.

In July, Ashcourt Rowan Asset Management senior duo Guy Stephens and Tim Cockerill both quit the firm to join Rowan Dartington. Stephens had worked at Ashcourt Rowan for 10 years, becoming group investment director while Cockerill was head of fund research. Chairman Peter Dew also resigned and stepped down from its board of directors and independent director Kenneth “Buzz” West was appointed as interim chairman.

Last month, Ashcourt Rowan Financial Planning defended its payment structure which offers advisers 2 per cent commission for recommending its in-house discretionary service to clients. The maximum adviser charge for the discretionary service is 3 per cent and Ashcourt Asset Management pays the 2 per cent “referral fee” to advisers on top.

Ashcourt Rowan reported a £16.8m loss for the year to March 31, mostly as a result of one-off costs related to the sale of two of its businesses and an £825,000 Financial Services Compensation Scheme levy.