Simon Chamberlain, who died suddenly earlier this month, aged 51, was known throughout the financial services industry.
In his last post, as group chief executive of Succession, the company he founded and built from scratch, he formed some unusual alliances and made some controversial decisions, but over his time in the financial services sector, he built a reputation as an assertive dealmaker who built companies up and sold them on, making a profit along the way.
He started to make his mark in financial services at the company that eventually became SJP, J Rothschild Assurance, bringing a team from Royal Life and becoming one of the company's founding partners.
The company floated on the stock exchange in 1997 for £365m. Two years later, he became national development director of the Zurich Advice Network, an amalgamation of Zurich-owned financial services companies, including Eagle Star, Allied Dunbar and Abbey Life.
Here Mr Chamberlain stayed for four years before joining Thinc, becoming chief executive, and a few years after that starting Succession. He was chief executive of the latter when he died, having been in place for seven years.
Everywhere he went, he came with a reputation for having forceful opinions and thinking big, regardless of whether that upset people along the way. But he also had another side – the man who dreamed of escaping it all with his wife when they hit 55, going to Paris and picking any train journey that took their fancy. He also opened a fish restaurant in the southwest, before returning to the fray once again.
But in the adviser community he will be remembered for building up companies, mainly through acquisition, and selling them on. At Thinc, after joining the business in 2003, a year later he was in merger talks with Destini, which resulted in the creation of the mighty Thinc Destini. This deal was promptly followed by acquisitions, and by 2006, as chief executive of the merged business, he was already talking about a trade sale or a flotation.
This indeed came about later that year when he sold the company for £100m to Axa. After an extended period of gardening leave, he was back with a new business, based on a new model – the consolidator – called Succession. Stemming out of a consultancy business, his dream was to set up a firm that would provide a service helping advisers who wanted to sell their businesses in the run up to RDR.
Business plans
The plan was to acquire the businesses and consolidate their investment; but before this, companies would pay £1,000 a month to get business support to prepare for acquisition, and, as part of the deal forfeit 15 per cent of their proceeds if they sold the business to someone other than Succession.
Again, the plan was to build up Succession through acquisition, then sell it or float it. Mr Chamberlain had got to number 32 on his target of 50 companies before his untimely passing earlier this month.
One of the standout qualities of his approach to business, according to those who knew him, was his ability to persuade people to join his company. At Thinc Destini, he made about 40 acquisitions, and both at Thinc and Succession he persuaded big institutions to invest in the company: Friends Provident and HBoS at Thinc Destini, and Inflexion Private Equity at Succession.
What was it about him? Andy Thompson, chief executive Intrinsic Financial Services, who worked with Mr Chamberlain at Zurich Advice Network, said it was: "Charisma. He was a leader that attracted people to follow him. He just had a self-assurance, and he was a master salesman, that's why he was able to convince investors and people to join him.
"He had absolute passion, ambition and insight as to the future, and he was creating what he thought should be the new models for the future. I thought he was doing a tremendous job."
However, he added: "He had strong opinions and strong thoughts and wasn't afraid to share them. But there was an incredible brain in the guy – he had intellect and insight, but sometimes played that down by being controversial."
As an example, in one of his last interviews with Financial Adviser, he laid into other consolidators, claiming they were not up to the mark: “Most consolidators have run out of money and most models are flawed, so they come up with excuses. I don’t know any other consolidator apart from Succession that has not come under financial pressure.
“We are still the only consolidator that does the consolidation work before we acquire the firm.”
Search for profit
Despite Mr Chamberlain's claims, the consolidation company, Succession Group, had still to turn a profit. In the last accounts filed at Companies House, in 2015, the company made a pre-tax loss of £1.1m, on turnover of £2.8m, although this loss was less than the previous year's, which were more than double that at £2.5m.
The consultancy side of the company, Succession Advisory Service, which adviser businesses have to sign up to before they are formally acquired by Succession Group, made a profit of £1.5m in 2015.
His reputation for working with people was mixed, to say the least. One person who used to work with him said: "He was a very difficult man, and he didn't make a lot of friends. People don't argue with him or they're out. It was all about volume, but not necessarily at profit."
Fiona Price, who sold her business, Fiona Price & Partners, to Destini and then worked with Mr Chamberlain after it merged with Thinc, said: "Sadly, my recollection of working with Simon is not pleasant or complimentary of his approach. His style was that of the autocratic, ego-driven, divide and rule business leader, typical of many male-driven businesses at the time.
"He had the gift of the gab and would use it to engage people, then use it against them if they fell out of favour. Whether it was in his nature, or he was simply emulating the role models of the day, I don't know.
"I created a women-orientated business because I wanted to deliver a different culture of business that reflected female style and values. I am not aware what Simon did after Thinc Destini, but I would like to think he changed and embodied a more positive and and inspiring approach to leadership which I believe all leaders are capable of."
Nick Boyle, now chief executive of Lightsource, but a close colleague of Mr Chamberlain's at Zurich and Thinc remembered him differently. He said: "He thought in straight lines, and if something didn't make sense, he would change that. While he could be extremely annoying and forceful, he was an absolute believer that something was wrong, and it needed to change."
Perhaps the last word should come from Mr Thompson, who remembered Mr Chamberlain making a big impact at Zurich. He said: "When I set up the City location for Zurich, I got a message from Keith Baldwin (ZAN chief executive), that there were two offices I couldn't use. It was all hush, hush, but he had brought Simon Chamberlain into the business.
"One weekend the whole traffic had to be stopped in Queen Victoria Street and two windows had to be taken out so that his marble table could be taken into the office; because he was this larger-than-life character, and incredibly charismatic."
Melanie Tringham is features editor of Financial Adviser
Key points
Simon Chamberlain, group chief executive of Succession, died suddenly earlier this month.
He gained a reputation for building up companies through acquisition and selling them on.
He drew mixed responses from people who worked with him.
