Chelsea Investments Limited has struck a deal to take over the servicing of Equal Partners’ client bank.
Equal Partners managing director Vivienne Starkey died earlier this year and director Kevin Tooze has left the firm to set up a new venture, Equity Partners UK.
Both firms have written to the clients to inform them of the developments.
Although both sides are keen to avoid any confrontation over client ownership, Equal Partners company secretary William Starkey, who was married to Vivienne, has asked clients to disregard any communications from Tooze regarding Equal Partners.
Tooze says he ran the business for the last 14 months during Vivienne’s illness and the clients should have the right to choose who they want to advise them.
Equal Partners is understood to have had a number of offers for the business but chose CIL, sister group to Chelsea Financial Services, because of the close relationship between Vivienne and CIL managing director Ann Pugh, who had worked together at Fiona Price and Partners.
Tooze says: “I have been looking after Equal Partners clients for the last 14 months, they will vote with their feet and I will abide by that. I exp-ect that some will go to CIL, some to us and others will sadly drift away.”
Mr Starkey says in the letter: “In light of my wife’s demise and Mr Tooze’s departure, we propose to transfer the servicing of all Equal Partner clients to Chelsea Investments Limited.”