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Tilney hires former RAC boss to replace Hall

Tilney hires former RAC boss to replace Hall

Tilney’s chief executive is standing down to be replaced by the former RAC boss.

Chris Woodhouse has succeeded Peter Hall as chief executive of Tilney, which has £23bn in assets under management.

Mr Hall is stepping down to become an adviser to Tilney’s private equity owner, Permira, to help it find investment opportunities in global wealth management.

Until February Mr Woodhouse had been chief executive of the RAC, a position he had held for five years.

Before that he was deputy chief executive and finance director of Debenhams and commercial director and deputy chief executive of Homebase.

Mr Woodhouse, who is a fellow of the Institute of Chartered Accountants, said: “Tilney is a business that has built a leading position within a highly competitive market, and I am thrilled to be joining.

“Its success today is a result of bringing together some of Britain’s most respected brands in the wealth management space, with a very high calibre team of professionals and by offering a broad range of services that span financial planning, investment management and an online investment service.

“Recent changes in in the landscape for pensions mean there is a need for high quality financial advice, investment management and guidance which puts the customer first.

“I believe there is a real opportunity for Tilney to deliver even greater value to customers and I look forward to working with the team as we enter the next exciting phase.”

While he was chief executive of the RAC Mr Woodhouse doubled the company’s profits by expanding its financial services offering and using digital technology to improve customer engagement.

Will Samuel, chairman of Tilney, said: “We are delighted to welcome Chris to Tilney where his career and experience working with some of the UK’s most recognisable brands will bring real value to Tilney’s already strong market position.

“I would like to thank Peter for his major contribution to the development of the firm. Peter has served as chief executive of Tilney since 2010, leading the organisation through a period of rapid growth.

“He has been responsible for the successful integration of the Tilney, Bestinvest, Ingenious and Towry businesses to create one of the leading wealth management firms with over £23bn of client assets and an excellent reputation.”

Tilney bought both Towry and Ingenious Asset Management last year in deals which saw its assets under management more than double and its revenues go up by 209 per cent.

Earlier this year it continued its expansion with the purchase of Midas Investment Management.

damian.fantato@ft.com