Whitechurch Securities managing director Gavin Haynes left the discretionary fund manager at the end of December, the company has announced.
Chair of the Bristol-based business Kean Seager will take on day-to-day management on an interim basis, while Haynes's asset management responsibilities will be shared across the funds team.
A spokesperson for the company said they were unable to comment on the terms of his departure and that they had no further information on succession plans.
Haynes (pictured) had been managing director of the business since 2006 and, according to the Financial Conduct Authority register, served as director since 2001.
Companies House documents show he was one of seven equity holders of the business, which he joined in 1996 shortly after graduating.
He said: ‘I’ve enjoyed my time at Whitechurch and am proud of what I have achieved as managing director over the past 12 years. However, I feel now it is time for me to explore new opportunities. I wish the company all the best for the future.’
Haynes was instrumental in a 2018 decision to slash fees on Whitechurch's model portfolios to as low as 0.1%, saying that ‘aggressive price competition’ was at least partially to blame for a 93% slide in annual inflows.
‘Over the past 12 months, there has been a continued drive to gain third party adviser business into the Whitechurch discretionary management services, but net flows have come under pressure,’ the business said in results for the year to end of February 2018.
Profit before tax for the group was slightly down, dropping to £1 million, from £1.2 million the previous year, on turnover of £6.4 million, which was up 5% year-on-year.
The business had earlier completed a strategic review of its advisory business, Whitechurch Financial Consultants (WFC), introducing changes to make the division profitable.
While the company highlighted that minor improvements continue to be implemented, fees from new advice cases increased to £393,000 from £246,000, which led to WFC making its first ever profit. The business will continue to look at buying client banks from financial advisers to bulk up the division.
It added: ‘Given the difficulties recruiting advisers of sufficient quality, we will continue with our policy of recruiting trainee advisers and developing them in-house.'