Curtis Banks appoints former Embark boss as interim CEO

Curtis Banks appoints former Embark boss as interim CEO
Peter Docherty, interim chief executive officer and executive director at Curtis Banks

Sipp provider Curtis Banks has appointed Peter Docherty as interim chief executive officer and an executive director of the group with immediate effect, pending regulatory approval.

Docherty has more than 20 years of experience in financial services, having most recently been the CEO and managing director of the Embark Platform.

During his time there, Curtis Banks said he led a significant increase in customers and assets under administration driven by organic growth and integration initiatives. 

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Docherty has also previously held the role of CEO and chief risk officer of Alliance Trust Savings Limited.

The appointment follows from the announcement last week that Nucleus will be buying Curtis Banks in a £242mn cash deal, taking its assets under administration to £80bn.

After extending deal talks last month, the two firms agreed on a price which is a 32.1 per cent premium on Curtis Bank's share price value at the end of November, when the offer period began. 

Nucleus purchased Curtis Banks through a new, wholly-owned subsidiary called Nucleus Clyde Acquisition Limited, shortened to 'Bidco', which was incorporated at the end of last year.

Docherty said: "I am excited to join Curtis Banks at this critical juncture for the company and following the announcement of the proposed acquisition by Nucleus. 

“Curtis Banks has been at the forefront of retirement solutions in the UK wealth market and has the capabilities, competitive position and talent to build momentum and capitalise on the opportunities that exist in its core market segments. 

“I am delighted to lead the business through the next stage of its growth journey."

The appointment of Docherty will result in David Barral reverting to the role of non-executive chairperson with effect from February 1, 2023, having fulfilled the role of executive chairman since August 2022.

Barral said: "Peter is a highly capable senior executive with an impressive track record in leadership, transformation, operations and delivering results. 

“He joins us at an exciting time as we work towards the completion of the acquisition by Nucleus. Having an experienced CEO at the helm is an important step in strengthening our leadership team and allows me to step back into my role as non-executive chairperson."

FTAdviser understands more than half (53.93 per cent) of Curtis Banks' shareholders intend to support the Nucleus deal. 

Shareholders are yet to vote on the deal, and it is still subject to regulatory approval. 

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