Rowan Dartington has appointed former Lighthouse joint chief executive Allan Rosengren as relationship development director with its discretionary management service Signature.
Rosengren left Lighthouse last October. He founded Falcon Group in 1983 and joined the Lighthouse board as chief executive following the merger of Lighthouse and Falcon parent company Sumus in 2008.
Lighthouse results for 2011, published this week, showed the group made a loss of £2.66m compared with a £129,000 profit in 2010.
The company says the loss is due to a £3.4m provision the company has set aside for any future costs that arise from winding down Falcon.
Lighthouse completed a past business review of Falcon and FSAS last year and wound down the two brands by transferring advisers to the Lighthouse Advisory Service network.
Lighthouse chief executive Malcolm Streatfield says the firm did not identify any specific issues in its past business reviews. He says: “There is no specific concerns at the moment relating to particular products and at this point there is nothing which requires the provision to be used.”
Streatfield says the firm is looking to increase adviser numbers in its national proposition, Lighthouse Financial Advice, from 220 to over 300 by the end of the year.
Quainton Hills Financial Planning director Gordon Bowden says: “With the amount of consolidation going on in the industry, I am not surprised companies are looking for any skeletons in the closet.”