Friday, 10 August 2018 09:39

Staff and management buy City-based wealth firm IQ

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New IQ CEO Petronella West New IQ CEO Petronella West

Directors and staff at wealth management and Financial Planning business Investment Quorum have completed an MBO of the business.

The management buyout was headed by one of the firm’s founders Petronella West (director of private clients) along with Peter Lowman (CIO) and Nicholas Rolf (wealth manager).

Ms West becomes new chief executive, replacing founder Lee Robertson who steps down after 18 years with the firm. Staff at the firm have become shareholders in the management-owned business.

The City-based company has been a prominent supporter of the Financial Planning profession, including founder Lee Roberston who steps down to pursue other interests. Several staff are Chartered Financial Planners or Chartered Wealth Managers.

Director Peter Lowman told Financial Planning Today that the immediate priority for the company was to "bed in" the MBO and focus on organic growth but potential acquisitions of complementary businesses were possible in the future.

Lee Robertson is to leave to pursue other interests, particularly in financial and business education. He is also planning to launch a new business venture later this year.

 

Mr Robertson said: "I have enjoyed the eighteen years since conceiving and co-founding Investment Quorum immensely and deciding to step down as the strategic leader of the firm has been an incredibly difficult decision to make.

“I have been privileged to serve our clients, many of whom have been with us since the outset or for many years. I am very proud that those I have appointed and led have grown in capability and expertise during my time as CEO making IQ into one of the most recognised and respected private client wealth boutiques in the UK

“However, after those eighteen years at the helm and over thirty years as an adviser, I have decided that I now wish to focus the bulk of my time on a variety of new opportunities spanning education, non-executive roles and consultancies but I primarily wish to bring my considerable energies and communication skills to a new business venture launching later this year.

“I will, however, continue to provide strategic consultancy and guidance to the management team for the foreseeable future. I am confident that I am leaving the business in safe hands and that it will continue to serve our clients well in the years ahead.”

Ms West said: "We are incredibly grateful to Lee for his passion, drive and leadership over these past eighteen years, and for agreeing to support our business into the future. We would also like to take this opportunity in wishing him every success in the variety of activities he intends to pursue”.

“I am also delighted that the nearly all of our staff are now part owners of Investment Quorum, securing  its long-term future as a strong independent business. We have a very talented team of experts across financial planning and discretionary fund management. Therefore, I am honored and delighted to have the opportunity to become the new CEO of one of the UK¹s most successful independent boutique wealth management firms."

• Editor's Note: 11.30 am - additional comments from director Peter Lowman added.

 

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Last modified on Friday, 10 August 2018 11:32
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