Polin pledges to grow Ashcourt stake post-RDR

Ashcourt Rowan's incoming CEO Jonathan Polin wants to grow the wealth manager's market share post RDR through organic growth and acquisitions.

The former Ignis sales and marketing director will replace outgoing chief executive Mark Cheshire on 2 September.

Polin left Ignis in June after seven years with the firm, during which time he set up four joint venture boutiques after poaching high profile fund managers such as Neptune's Barry Norris and Barings' emerging markets team.

He said he hopes to increase Ashcourt Rowan's market share post RDR: "Ashcourt Rowan has a strong brand within the industry, a good national footprint and an excellent team of investment managers and financial planners at its core.

"The opportunity to utilise this platform to create a focused vertically integrated asset management and financial advice group is hugely exciting.

"As we move towards a post RDR environment, there is the real opportunity for the group to take a significant share of the market through both organic growth and strategic acquisition."

Buzz West and Steve Haines have also become non executive chairman and non executive director respectively.

West's new position is a promotion from his appointment on 1 August as interim chairman.

At Ignis, Claude Chene is to take over Polin's responsibilities in October after leaving his New York-based role at AllianceBernstein.

In its half year results, Ashcourt Rowan said its strategic focus will be placed exclusively on wealth management.

It recently disposed of non-core assets in the institutional fund management area (through the sale of the Zenith and EPIC branded businesses).

Funds under discretionary or managed advisory mandates within the wealth management business increased by 6% from £1.56bn at 31 March 2010 to £1.66bn at 31 March 2011.

The wealth managers also wants to create a "centre of investment excellence" with its Savoy Investment Management business.