People of the year 2004

We look back at the people who made waves in financial services in 2004.

Moving Up

Millfield chief executive Paul Tebbutt has had a turbulent year, negotiating a successful merger with Inter-Alliance as well as getting £15m in funding from five life offices. He has seen his fair share of infighting over the last couple of months as a stream of Inter-Alliance senior executives have quit the company but the end of the year sees him residing over a significantly larger sector of the market than he did at the beginning.

Sesame strategy director Charles Bryant was already responsible for the network’s multi-tie proposals and its future direction but the resignation of commercial director Martin Davis saw him take on even more responsibility. But Bryant does not appear fazed and is keen to get to grips with the fresh challenges that lie ahead of him next year. Sesame is expected to reveal its multi-tie offering in the not too distant future and Money Marketing is sure that Bryant will have a lot to say about it.

Moving On

In March, Stephen Ingledew left as group chief executive of national IFA Berkeley Berry Birch and resurfaced in June at Barclays Financial Planning as commercial director of the financial planning division resp-onsible for developing Barclay’s advisory proposition on the independent and tied sides. Ingledew joined and now reports to former managing director of Zurich IFA Group Jim Reeves, who moved to Barclays in April to become managing director of financial planning after 25 years with Zurich.

Sesame commercial director Martin Davis left the company in November to join Zurich heading its international life business which provides life, pension and investment products and services tocorporates and expatriates across the world. Davis’s time at Sesame saw him help shape the company’s multi-tie proposition.

Moving out

At the beginning of the year, Inter-Alliance chief executive Keith Carby was involved in merger talks with Berkeley Berry Birch but by the end of the year his firm had merged with Millfield and he had walked out, taking senior staff with him after a row. Has Carby left the industry for good or will 2005 see him back? Money Marketing suspects that he is likely to re-emerge.

Graham Bates’ road has been a rocky one since his firm Bates Investment Services was snapped up by Richard Craven’s The Money Portal in August 2003. Over a year later in October 2004, he found himself suspended pending an investigation into his business dealings days after telling the firm he wanted to quit. Two weeks later, he was sacked from the firm he built up over 10 years. Bates is now involved in a fight with TMP for more than £500,000 he says is owed to him and his sister Helen Peace.

One of the highest-profile departures was former darling of national journalists and bon viveur David Aaron, after the FSA made his firm, David M Aaron (Personal Financial Planners), the first IFA firm ever to be banned for misselling. It was banned for “widespread misselling” of precipice bonds between January 1998 and June 2003.
The directors are not banned personally and one of them – Andrew Jones – is working in a supervised role for IFA Advison. But the FSA has made it clear that if they apply for authorisation, the problems will be taken into account. The FSA’s position may have been weakened slightly by revelations that much of the marketing material met with the FSA’s approval.

Wentworth Rose founding director Philip Rose left the company in April after Aegon bought the remaining 50 per cent stake. Rose built up the firm over 15 years and his departure saw him sharing an undisclosed eight-figure sum with co-founder Ray Peyre. This appears to be the last that the industry will be seeing of Rose as he plans to travel for a year, skiing, sailing and horse-riding, and then move to a new role outside personal finance.

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Making the most of a freebie award: Goes to freelance journalist Jenne Mannion who scooped winnings of 200 a time at consecutive junkets to Windsor Park races. At the Cazenove event, she backed winners in five of the six races.

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