CompaniesSep 9 2015

Sesame’s Cupis heads to Openwork

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Sesame’s Cupis heads to Openwork

Openwork has announced John Cupis is joining as mortgage director, in a move that completes the restructure of the network’s core distribution business.

He joins Openwork from Sesame Bankhall Group, having been managing director of mortgages for eight years until today (9 September) when it was announced he was parting ways with the Friends Life-owned intermediary.

FTAdviser broke the news that Sesame Bankhall Group had shaken up its board and executive management team following the completion of its strategic review, which was launched back in 2013.

Two years after then owner Friends Life launched a strategic review into the future of the intermediary, Sesame Bankhall revealed a new structure to the management team and that John Cupis, who was head of mortgages and general insurance, would be leaving the business.

His exit followed hot on the heels of Jim Newman, who retired in June; Jon Dear, who was marketing and propositions director but left in April; and Pan Andreas, who was wealth director up until July.

Sesame Bankhall’s executive management team will now be made up of John Cowan, executive chairman; Stephen Gazard, managing director; Julie Sadler, compliance and risk officer; Jim Kelly, commercial director; and Lisa Winnard, HR and business services director.

Mr Gazard will now take on a wider remit in the new structure with responsibility for leading Sesame Bankhall’s support for advisers across wealth and mortgages.

Mr Cupis’ exit came as shock, as just weeks ago he was talking about his plans to bolster the mortgage network at Sesame Bankhall.

Over the last eight years he has overseen growth at the business to the point where Sesame was responsible for one in four intermediated mortgages.

Prior to joining SBG, Mr Cupis worked at Legal & General for eight years where he fulfilled various senior roles within the business including mortgage propositions director. Currently deputy chairman of the Association of Mortgage Intermediaries, he began his mortgage career at Natwest in 1994 as mortgage marketing manager.

Mr Cupis’ appointment completes Openwork’s move to divide its distribution business into three specialist business units – wealth, mortgage and protection – each with a director responsible for the delivery and control over all elements of the proposition and its distribution.

Openwork had already appointed Mike Morrow, formerly of IFA wrap platform Ascentric, as wealth director, and Pat McKenna as head of Openwork’s protection business Owl Financial.

Mark Duckworth, chief executive of Openwork, said: “We are thrilled that John has agreed to join Openwork during this extremely exciting period for the business.

“I have asked Paul Shearman to continue to be our principal liaison with key lenders and to support our biggest firms grow their businesses. With directors now appointed to run all three business units, we are well positioned to develop our distribution proposition and increase our overall profitability from its very solid base.”

emma.hughes@ft.com