Former Cofunds boss David Hobbs is to leave Aegon to become chief executive of St James’s Place (SJP) discretionary fund manager (DFM) Rowan Dartington.
Hobbs (pictured above) was chief executive of Cofunds from 2013 to December 2018, before he became managing director of Aegon’s investment business last December. He is scheduled to leave Aegon in the summer.
During his time as the boss of Cofunds, the platform was acquired by Aegon from L&G in 2016 for £140 million.
According to our sister site, New Model Adviser®, Hobbs resigned from Aegon earlier this week.
In a statement, Rowan Dartington confirmed Hobbs will become trhe company's new chief executive.
Hobbs will take over from Rowan Dartington’s current boss Graham Coxell, who is stepping aside to become executive chairman. Hobbs will take up the position, subject to regulatory approval, later this year.
SJP acquired DFM Rowan Dartingon in 2014 in a deal worth £34 million.
Last month Rowan Dartington acquired Dublin-based Harvest Financial Services in an effort to expand the DFM’s Irish presence. Rowan Dartington said Hobbs will be charged with the firm’s efforts to grow its Irish and Asian presence.
Coxell (pictured) said: ‘David is extremely well regarded and it is a real pleasure to welcome him to lead the great Rowan Dartington family under the ownership of our fantastic parent SJP. David is extremely well suited and unquestionably the best person for the job.
‘My time with Rowan Dartington has been one of the most remarkable, enjoyable and rewarding journeys of my career and I feel honoured to have had the opportunity to lead such a fantastically talented team of people, and I will be proud to hand over the chief executive reigns to David later this year.’
Hobbs said: ‘I am delighted to be joining Rowan Dartington and taking on the challenge of leading them to even greater heights, delivering an excellent service for private clients, intermediaries and the SJP partnership. I can’t wait to start.’
The DFM said a start date for Hobbs has not yet been confirmed and Coxell will continue in his current role and help oversee the transition.
An Aegon spokesman said: ‘David has received an exciting opportunity to take on a chief executive position at a leading wealth management firm. We would like to thank him for his work over the years and wish him all the best for the future.’