Syndicate Asset Management, the parent company of Ashcourt Rowan, has appointed Mark Cheshire as interim group chief executive following the resignation of group chief executive Jonathan Freeman.
Freeman was appointed as interim joint chief executive in March 2009.
Cheshire (pictured) was appointed to the Syndicate board as an executive director for group sales and business development last month.
A former chief executive of Lloyds TSB Private Banking, Cheshire was appointed as chief executive of Ashcourt Rowan’s wealth management businesses in November 2009.
He oversaw the launch of Ashcourt Rowan in January this year, created out of the merger of Syndicate subsidiaries Ashcourt Asset Management, Ashcourt Financial Planning and Rowan and Company Capital Management.
Ashcourt Rowan bought the Co-operative Bank’s IFA arm in September, in a deal first tipped by Money Marketing, for an undisclosed sum and a phased cash payment of £450,000 for all trail commission receipts.
Syndicate non-executive chairman Peter Dew says: “The board is immensely grateful for the instrumental role Jonathan has played in restructuring the group.
“We are saddened by his decision but understand the sense in the timing.”
On Cheshire’s appointment as interim group chief executive Dew says: “Mark has played a pivotal role in streamlining Ashcourt Rowan’s operations.
“We believe his focus on revenues and efficient operations will allow the group to move rapidly forward in the next phase of its development – our focus being on significant growth in terms of revenue and profitability.”
Freeman says: “With the recent strengthening of the board and stability having been returned to the group’s operations, it is now the appropriate juncture to be handing over the reins.
“Significant opportunities remain in the UK wealth management sector and the group and its operating divisions are now well placed to develop in that environment.”