Mark Cheshire appointed Group CEO
15 Fevereiro 2011 - 5:00AM
UK Regulatory
TIDMSAM
For immediate release: 0700hrs 15 February 2011
Syndicate Asset Management Plc
("Syndicate", the "Company" or the "Group")
Directorate Change
Mark Cheshire appointed Group CEO
Further to the announcements of 8 and 20 December 2010, the Directors of
Syndicate Asset Management Plc (AIM: SAM), the fund management group, are
pleased to announce the promotion of Mark Cheshire from interim to full-time
Group CEO of Syndicate Asset Management with immediate effect. In addition to
his Board position, Mark Cheshire will continue in his role as Chief Executive
Officer of Syndicate's wholly owned wealth management division, Ashcourt Rowan.
Prior to joining Ashcourt Rowan in November 2009 as Chief Executive Officer,
Mark was previously Director of UK Private Wealth Management at Lloyds TSB
Group (December 2007-May 2009) and Chief Executive Officer/Managing Director at
Lloyds TSB Private Banking (August 2003-November 2007).
Under Mark Cheshire's leadership, Ashcourt Rowan has experienced significant
growth during 2010, revenues for the six months to 30 September 2010 having
increased 28% when compared to the previous year. Separately, funds under
management and influence have increased 42% to GBP3.5 billion during the
financial year to date.
Peter Dew, Non-Executive Chairman of Syndicate, commented:
"We are delighted that Mark has accepted the position of Group CEO. He has the
full backing of the Board and our major shareholders to drive through his
programme for delivering significant growth within the business in terms of
both revenue and profitability improvement."
Mark Cheshire added,
"During the last eighteen months Syndicate's balance sheet has been
strengthened substantially with additional capital raised and the Group's debt
and deferred consideration liabilities removed. We likewise have created a
significant platform with a national footprint of offices through which to take
full advantage of the major changes beginning to take place in the wealth
management sector as a result of the proposals within the Retail Distribution
Review. We intend to leverage fully off these changes and the assets held
within the Group."
Details on Mark Cheshire's notifiable interests in the Company and
directorships held over the last five years can be viewed in the announcement
of 8 December 2010.
There is no further information on Mark Cheshire required to be disclosed under
Schedule Two, paragraph (g) (i)-(viii) of the AIM Rules for Companies.
-Ends-
Further information:
Syndicate Asset Management plc
Peter Dew (Chairman) Tel: 020 7659 8060
Mark Cheshire (Group CEO) Tel: 020 7553 2307
Cenkos Securities plc
Stephen Keys/Julian Morse Tel: 020 7397 8900
GTH Communications
Toby Hall/Christian Pickel Tel: 020 3103 3903
END
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