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Johnston joins Chase de Vere

Former Momentum Financial Services managing director Paul Johnston has joined Chase de Vere as managing director of the company’s 60-RI private-client arm.

Chase de Vere FS is split into three between private-client, execution-only and emp-loyee benefits businesses.

Johnston says he intends to push Chase in terms of offering a fully comprehensive financial planning and investment service but is not looking to grow through adviser numbers. He says: “We have no plans for aggressive expansion of adviser numbers but we are looking at profitability and we are seeing some real progress.”

In July, Chase de Vere’s parent Bank of Ireland announced it was considering putting the business up for sale as part of a wide-ranging review of its UK division.

BoI admitted that Chase de Vere was facing “a challenging environment”.

Recent reports have suggested that an MBO is being considered by managers at Chase de Vere Financial Solutions. Johnston led the MBO from Aon in 2000 and formed national IFA Momentum, which specialised in workplace-based financial advice although he will not be running Chase de Vere’s employee benefits arm.

Momentum was bought by Aegon UK in 2002 and is now part of the Origen group.

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