New staff (left to right) Dale Hubber-Richard, David Smith and Janet Harvey with Brewin Dolphin Jersey business development manager Nick Browning. (Picture by Adrian Miller, 0666555)
THE team at Brewin Dolphin is looking forward to a steadier 2009.
Last summer, the local office lost nine of its 10 staff.
It meant people from the investment manager’s offices in Jersey and the UK had to be drafted in to fill the gaps.
The largest independent private client investment manager in the UK acted as quickly as possible to address the situation and, by the end of September, two new divisional directors were in place at St Peter Port House in Sausmarez Street.
David Smith was appointed from International Asset Monitor in August and Dale Hubber-Richard followed from SG Hambros in September.
Both have considerable experience of operating with and in hedge funds, alternative funds and absolute returns.
Mr Hubber-Richard said he had little hesitation in taking on the challenge at Brewin Dolphin after he had had discussions with UK executive director Sarah Soar and it was he who suggested to her that Mr Smith would also be ideal for the company as the pair had already worked together at the Bachmann Group.
‘During the transitional period, the staff of Brewin Dolphin were fantastic and made sure that the Guernsey operation continued.
‘Brewin Dolphin plc is very committed to the long-term success of this office.’
Staff numbers are now up to four in Guernsey, with executive assistant Janet Harvey and compliance officer John Bihet also part of the team.
Mr Bihet is the only person remaining from the previous regime and was philosophical about the departure of his former colleagues.
‘Once the discretionary team went, the others followed. When you work as a team like they did here, if the team is strong enough, they will follow.’
Mr Hubber-Richard said the future looked promising for the Guernsey operation, with a number of changes on the way including a closer working relationship with Jersey.
However, some former employees did take clients with them.
‘There will and has been some loss of business, but the vast majority of assets and clients are still with us and we are winning new mandates – and that is in what is a very difficult period globally.
‘And as circumstances warrant, we are going to expand in numbers and we are also looking at taking on new premises in the very near future.
‘The team here all know that we are strategically important in the eyes of Brewin Dolphin. Along with the Jersey office, we are one of only two out of 40 that are outside the UK.’
Article posted on 2nd January, 2009 - 2.30pm
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