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John Porteous to lead Baker Tilly wealth management arm

Porteous was head of wealth management at RSM Tenon, which went into administration in August.

Baker Tilly has named John Porteous as head of wealth management following the firm’s acquisition of RSM Tenon.

Porteous was previously head of wealth management at RSM Tenon, which went into administration in August. 

Baker Tilly subsequently bought the firm from the administrators for an undisclosed sum.

A Baker Tilly spokesman confirms Porteous will continue to head wealth management following the deal.

He says: “Prior to the acquisition of RSM Tenon, Baker Tilly did not have a financial management arm.

“John will lead wealth management within the newly merged firm.”

Syndaxi Chartered Financial Planners managing director Robert Reid says: “With John in charge, I expect Baker Tilly will want to become a significant competitor in the wealth management space.”

In July, Baker Tilly announced it was in talks to buy RSM Tenon, but in a statement to the stock market in August the firm said it was pulling out of a potential deal.

Lloyds Banking Group subsequently informed RSM Tenon the firm was likely to break its banking covenants and three insolvency practitioners from Deloitte were appointed as administrators.

Following the LBG announcement, Baker Tilly bought all RSM Tenon’s trading subsidiaries, including the advice arm, from the administrators.

Baker Tilly subsequently established an integration team to review the acquisition. A spokesman said the firm could “make no guarantees” on future job losses although Deloitte said no job losses are expected.

RSM Tenon made a pre-tax loss of £7.5m for the six months to 31 December 2012 compared with an £83m loss in the same period in 2011.

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