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National names partners under employee ownership plan

AIM-listed national advice firm Kingswood has created a roster of partners and managing directors as part of a newly-created employee ownership model

National names partners under employee ownership plan

AIM-listed national advice firm Kingswood has named team of partners as part of a newly-created employee ownership model.

The partners named today are among the first group to join a new long-term incentive plan as part of a new organisation and team structure that has been put in place.

Kingswood named its inaugural executive committee of one woman and six men.

The seven partners are:

Rachel Bailey – head of HR

Graydon Butler – chief operating officer

Nigel Davies – fixed interest management

Patrick Goulding – chief financial officer

David Healy – senior wealth planner

Jeff Hodgetts – associate director

Marc Maddison – associate director

Group chief executive Gary Wilder said: ‘Under our new organisation structure, Kingswood will hold annual partnership elections, adding new and talented partners to the team as we grow. Achieving partnership is meant to be a life-changing event for elected members, with a significant portion of compensation for members based on the future success of Kingswood.'

The announcement comes a month after the sudden departure of Kingswood chief executive Marianne Ismail, who left the business after just 18 months at the helm.

An award under the incentive scheme has already been given to member Patrick Goulding. He was awarded five million shares.

Based on a current share price his allocation will be worth £600,000. The shares are subject to a three-year performance period followed by a holding period of two years and are subject to clawback provisions.

Kingswood chairman Buzz West said: 'The remuneration committee is keen to ensure the rewards of the company's senior team are structured to ensure they will be effective, fair and motivate them to deliver success for the group, its shareholders and employees over the long term.'

At the start of the month, Kingswood acquired Oxford financial advice firm Thomas & Co (£150 million assets under advice) for a total of £1.8 million.

The deal took Kingswood to £1.9 billion of assets and 4,500 active clients.

It followed a deal in October, when Kingswood bought Yorkshire-based advice firm Marchant McKechnie.

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