AWD has recently completed the sale of its Moneyextra business, Read Independent Financial Advisers and AWD Home Insurance subsidiaries in a bid to focus on its Wealth Management and Consulting operations.
The group announced an official conclusion of the restructuring of the UK business on November 12, 2008.
Both the Wealth Management and Consulting arms will continue to be run by its existing management teams, reporting to the board, who in turn reports to the AWD Holding AG vice chairman of the Board of Management Nils Frowein.
AWD Chase De Vere UK chairman Simon Waugh says: ““Mike Kirsch leaves with our thanks having done a great job. He has successfully taken our UK business through its strategic review, addressed legacy regulatory issues and concluded the sale of our Moneyextra, Home Finance and Read subsidiaries. Our UK operations are now far stronger with more straightforward management structures. Both our Wealth Management and Consulting businesses have robust, stable management teams and are well positioned for growth.
“We would like to thank Mike for his significant contribution to the AWD Group during his successful tenure as chief executive.”
Kirsch says: ““The Company has changed fundamentally and is now positioned for future success. I would like to thank everybody for their help in achieving this. It is now the right time for me to move on. I am looking forward to a few months rest before I take on my next challenge.”
AWD Chase de Vere managing director Martin Laverick says the firm is not up for sale despite market rumors.
He says: “We are as committed to the UK as we have ever been and if anything we are on the acquisition trail in 2009 following the restructure.”