Retail brokerage house Richardson GMP has a new boss, as the recently merged firm made Andrew Marsh its chief executive officer, while James Werry departs.
Richardson GMP was created last November when GMP Securities combined its retail arm with privately owned James Richardson & Sons Ltd. GMP Securities owns 35 per cent of the investment dealer.
Differing cultures have made this a rocky marriage, and there has been more than a little grumbling from former Richardson stockbrokers.
Mr. Werry founded the retail division of GMP Securities in 2005; before that, he headed up the stockbrokers at Scotia McLeod. Mr. Marsh was Richardson GMP's head of national sales, and also hails from the GMP side of the business.
The leadership change was described as a "slight negative" in a report Friday on GMP Securities from analyst Atul Shah. He said: "The firm's challenge going forward is to grow investment advisors and assets and become profitable."
Mr. Shah's report shows that Richardson GMP ended 2009 with assets under administration of $12.2-billion, and for the 50-day period ending Dec. 31, 2009, it generated revenue of $18.1-million and incurred an "operating deficit" of $3-million.
A tip of the hat to Investment Executive for picking up this news.
At the same time the firm changed CEOs, it named a new chairman. Win Smith, the respected former head of the international retail arm of Merrill Lynch, is stepping up. Mr. Smith championed Merrill Lynch's acquisition of Midland Walwyn.