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Bankhall chiefs quit

Bankhall joint chief executives Paul Hogarth and Simon Taylor have quit, with managing director Peter Mann taking over with immediate effect.

Hogarth remains as strat- egic marketing consultant at Bankhall while Taylor is leaving to pursue other financial services business opportunities, expected to relate to the mortgage and general insurance sectors.

Hogarth and Taylor, two of the four founding members of Bankhall, each held 7 per cent of the firm. These stakes have now been sold back to Skandia which now owns 95 per cent of the shares. Both resigned at the end of three-year tie-ins which were signed when Skandia bought the IFA services provider for 180m. Last March Skandia valued Bank-hall at 110m after a 70m goodwill write-off.

The IFA support service provider has been restructuring since April following the closure of its Investment Strat- egies Limited network amid rumours that Skandia intends to sell it.

Hogarth will remain involved in the strategic direction of the company while he explores other opportunities in the mortgage and GI sectors.

Mann says: “2005 has been a very challenging year for Bankhall. We have already developed the support serv- ices business in line with our members’ changing needs and have streamlined our oper- ations accordingly.”

Hogarth says: “With my three-year contract coming to an end, it was time to look at other opportunities. I wanted to remain with the business but my concentrating on the day-to-day had taken me away from the sharp end.”

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