Wealth manager Hurst Point Group has reshuffled its management team with managing director John White set to leave as it moves to become a more integrated business.
The firm, which is the parent group of Argentis and Hawksmoor, undertook a review of its structure and concluded it should become “more integrated by removing layers and certain areas of duplication” across the business.
As part of the changes, it is combining the firm into four central functions - finance, legal, risk and compliance, human resources and IT, transformation and facilities.
The group is also reshuffling its management team and has appointed Andrew Westenberger as group chief financial officer, replacing Michael Kerrison who left the group to pursue other interests.
Ed Renwick has been appointed as general counsel to lead the legal, risk and compliance team, as well as Alex Knott as chief technology and transformation officer, to lead the IT, transformation and facilities team.
Managing director John White, will also be leaving the group at the end of April 2024, due to his own change of priorities and the change in his role with the reorganisation.
Hurst Point said this was agreed some time ago and his responsibilities as managing director will transfer to the group CEO and members of the financial planning management committee.
White said: “I’ve enjoyed a long, and I’d like to think, successful career in financial planning and wealth management, in various senior management roles – and I have most certainly enjoyed my time with Hurst Point.
“I have however, and for some time, harboured an ambition to develop other interests.
“Given the changes underway to Hurst Point Group’s structure, and my desire to work a little closer to home, this seemed an entirely logical time to pursue my long-time interest in coaching and consulting.”
The group said it is in advanced discussions around the recruitment of a leader of its financial planning adviser team and suitable interim arrangements will be put in place if necessary.
End of year update
Meanwhile, the group said it ended 2023 with just under £10bn of gross assets under advice or management.
This included £4.75bn of AUA in its financial planning business, which operates primarily under the Argentis brand and has approximately 120 advisers.
It was also made up of £4.95bn AUM in its investment management business, which operates primarily under the Hawksmoor brand, and has approximately 25 investment managers and some 15 other portfolio managers and investment research staff.
The group said it has been reviewing its investment business with a view to aligning both the activities of its investment teams and the underlying investment processes.
As a result, Ben Conway, who currently leads the Hawksmoor Fund Managers funds business, has been appointed chief investment officer for Hawksmoor and chairperson of the Investment Committee.
He will remain as head of Hawksmoor Fund Managers and a named fund manager on the Hawksmoor funds.
Gladman said: “I believe the group re-organisation and personnel changes announced today will make our business fit for the next stage of our development.
“We have grown from a standing start to just under £10bn of AuA/M in under four years with the support of Carlyle and other capital providers.
“We have ambitions to continue our growth in the coming years, although size itself is less important than serving our clients well.”
sonia.rach@ft.com
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