Another member of senior management has left James Hay Partnership, joining the recently departed finance director as the firm looks to restructure from being a niche self-invested pension provider to a broader platform wealth manager.
FTAdviser can reveal that Pete Burtonshaw, James Hay Partnership’s chief operating officer, has left the business after less than two years in the role.
He joined in October 2013 from his post at Fidelity as head of platform development, having previously been interim head of strategic integration at Openwork. James Hay confirmed that the process has begun to find a replacement.
Alastair Conway, James Hay’s chief executive, said he was very sorry to see him go as he had been instrumental in helping the business evolve.
“His energy has been a key driver in getting us to where we are today: ready to hit the ground running and offer our clients the full breadth of new pension freedoms from day one of them coming into effect.”
Mr Burtonshaw said: “A year and a half later and the business is well on the way to evolving into a fully fledged platform, so while I’ve thoroughly enjoyed my time here and will miss my team, new challenges beckon and I’m heeding the call.”
In February, the firm detailed the appointment of Iain McCoo as its new finance director, replacing John Watson, who announced his plan to stand down and take a “well-deserved break” before pursuing other opportunities at the end of the first quarter.
At the start of March, FTAdviser revealed that the number of regional business development managers at James Hay has dropped from 10 to four in the last month, with the advisers they served instead being offered support over the telephone.
The departures come as part of a restructuring strategy to turn the business from being a self-invested pension provider to a broader wealth management and retirement-focused platform.