Brewin Dolphin in hunt for new finance boss as Westenberger mysteriously quits

BREWIN Dolphin chief executive David Nicol is on the hunt for a new finance director, but was tight-lipped about the reasons for the departure today of Andrew Westenberger.

He is leaving after five years “by mutual agreement” said Nicol. “We wish him the best of the future. The search is underway.”

Westenberger might think he was doing well. Profit for the year to March was up 20% to £39 million, as the stockbroker-turned-wealth manager fended off lower investment returns and somewhat volatile markets.

Funds under management slipped over the year to £39.7 billion, but grew in April to stand at £41 billion. The sector has a fight on its hands with the index-tracking sector which is growing apace.

Nicol says Brewin offers some passive funds, but his wealthy clients are “looking for more conviction, more active value”.

Brewin has 1700 staff in 28 offices through the UK. Shares were up 5p at 385p.