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Cavanagh reshuffle sees Timmins take COO role

Cavanagh Group has made a series of board changes which marks the completion of its rationalisation after its purchase of Ernst & Young Financial Management last October.

E&YFM chief executive and deputy chief executive Ken Timmins and Charles Gillespie are joining the main board as chief operating officer and group sales & marketing director respectively.

Mark Liley has resigned as a director of the main board but will continue as a director of Cavanagh Financial Services and as a senior adviser within the IFA.

Talks between the two IFA firms were originally reported in Money Marketing last July. The deal saw the listed Cavanagh acquire Edinburghbased E&YFM, which has specialised in fee-based advice to high-net-worth individuals, often as an offshoot of its parent company&#39s corporate advisory practice.

Cavanagh chief executive Andrew Faye says: “Charles Gillespie and Ken Timmins were key to the Ernst & Young Financial Management business in how it was managed and we welcome them in terms of the business growing. Mark Lilley has been focusing on building his own client base and, as he saw it, it was better for him to resign.”


Splits firms agree £100m deal if guilt is dropped

Split-capital investment trust providers have put together a reported £100m compensation package on the basis that the FSA will reveal evidence on its split-cap probe. Most of the 21 companies involved in the split-cap debacle are understood to have agreed to contribute to the compensation fund on the basis that the FSA withdraws the requirement […]

Network members must unite against VAT on charges

Readers will have seen the Customs and Excise decision to start applying VAT to charges made to members of a network. Can I implore anyone who is part of a network to contact their senior management and make it clear what your feelings are. This is a radical change and alters what is nearly 20 […]

Financial critics win debate on long-term future

Two of the pension and savings sector&#39s fiercest critics won a debate against supporters of the financial services industry at London&#39s County Hall last week. An audience of top pension and investment experts voted 65 to 55 in favour of a motion that those who safeguard our long-term financial future has been lost. Speaking for […]

Keeping a watch on Big Brother

I may have stumbled upon a plot and I feel it is my duty as a citizen of the financial services world to make you aware of it. Anybody operating in the sector who even glanced at this year&#39s Budget proposals would be aware of the Treasury&#39s plans to require the registration of tax-avoidance schemes […]

Five ways to invest in the connected world

Smart utility metering; fitness trackers; connected cars; smart factories; precision agriculture: the internet of things encompasses myriad applications. But how do you gain exposure – and profit – from this growing trend, asks Neptune fund manager & CTO Ali Unwin. Read more: Important information Investment risks Neptune funds may have a high historic volatility rating […]


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