UK – John Hodson is to stand down as chief executive of Singer & Friedlander after 12 years in the job and be replaced by finance director Tony Shearer.
“The board as a whole feels that now is the time to effect a smooth transition, and it has been agreed that John will stand down at the end of this year,” said chairman Paul Selway–Swift. Hodson will leave at the end of the year.
Selway–Swift called Shearer, who joined last year, a “ready and well qualified successor”. He will “concentrate on implementing the board's strategy of growing our core businesses both organically and, where attractive opportunities arise, through acquisition”.
The firm will look externally for an external search for a new finance director. Hodson has been with the group for 35 years.
Pre-tax profits for the ongoing group rose 40% to 15.6 million pounds in the first half. Investment management profit rose 69% to 2.6 million pounds on revenue of 14 million pounds.
Institutional assets under management fell to 0.7 billion pounds from 0.8 billion pounds at the end of 2003. Total fund under management rose to 3.6 billion pounds from 2.9 billion pounds.
The company, which sold its final 4.6% share in Carnegie for 18.1 million pounds in April, said its initial 53.5 million-pound investment in Carnegie has produced a total profit of around 300 million pounds.
“This brings down the curtain on our association with Carnegie which has produced a remarkable return for your group over the period of ownership since 1995,” said Selway–Swift
Last week it emerged that former Singer & Friedlander institutional head Peter Dencik had joined hedge fund group Key Asset Management as chief executive.