Parker relaxes his grip on PR firm

ALAN Parker is loosening his iron grip on Brunswick, the £200m privately-owned City public relations firm he founded.

Ownership of the firm has been switched into a Limited Liability Partnership, of the kind adopted by leading auditing and legal firms in the City.

Parker will control 50.1% of the partnership shares, with the remaining minority split among the new firm's 44 partners.

Parker has been trying to find a better way of distributing the firm's income among his associates as its income, value and international reach has increased.

No doubt spurred by pressure from executives and worry about loss of talent to other firms, he wanted to find a better way of binding partners into an income pool where annual payouts will be related to performance. It is claimed that the decision has nothing to do with Parker's recent expensive divorce settlement.

Brunswick has become an influential force in Britain's and global boardrooms in recent years, seeking to put the best gloss on crisis and defend its clients from predators. In a typical takeover, the partnership can expect to pick up 5% of the total advisory fees.