Old Broad Street Research co-founder Richard Downs is to take early retirement on October 22 thanks to the sale of the firm to Morningstar.
Co-founder Richard Romer-Lee, currently research director, is to become a joint managing director with Nigel Whittingham, currently develop-ment director.
Downs says: “OBSR has been a major part of my life, so it is not without sadness that I announce my retirement. Morningstar’s acquisition has progressed well, affording me the opportunity to retire earlier. It is time for me to slow down the hectic pace of my life.”
Romer-Lee says: “Downs’ knowledge of the industry and sharp intellect has been of enormous personal assistance to me and everyone at OBSR and will continue to be of value to Morningstar. I would like to pay tribute to his contribution in developing OBSR into one of the most respected investment funds research and consultancy companies in the UK.”
Downs and Romer-Lee foun-ded the investment research and fund ratings company under a management buyout of Buck Consultants’ research business in 1999.
In September 2008, they exp-anded the business, by buying the international fund and ratings business of Crosby Forsyth for an undisclosed sum.
Morningstar bought OBSR for £12m in April 2010, allowing the global research giant to expand its presence in the UK market.