Former Quilter boss Paul Feeney joins Skerritts to lead acquisition push
The former Quilter boss has been appointed chief executive of Brighton-based wealth manager Skerritts as it looks to ramp up its growth following a flurry of acquisitions in the past two years.
Paul Feeney, who led £100bn FTSE250 investor Quilter for a decade before stepping down in October, will take on the role of Skerrit chief executive in May, as founder Richard Skerritt shifts into a non-executive director role.
In a statement this morning, the Skerritt non-executive chairman Andrew Fisher said Feeney would now look to take Skerritts to its “next stage of development”.
“Richard has built a great platform and now with Paul at the helm we have the opportunity to create a leading business in the wealth management sector,” he added.
The appointment comes as Skerritts eyes another period of growth following a cash injection from private equity house Sovereign Capital Partners and a flurry of acquisitions in the past two years.
The firm has struck nine separate deals sine the investment from Soveriegn and bosses said they were now eyeing an “acceleration of this successful ‘buy & build’ strategy” under Feeney’s leadership;.
“Skerritts has all the right building blocks and, importantly, the right values to become one of the leading wealth management businesses in this country, and with the continued backing of Sovereign Capital, that’s exactly what we are going to create,” Feeney said.
Skerritt added that Feeney’s “significant sector experience will “allow the group to reach its full potential”.
Feeney left Quilter amid a difficult period for money managers as volatile markets shaved billions from firms’ holdings.
Quilter’s assets under management and administration fell by more than £10bn in 2022, while its shares are trading down nearly fifty per cent over the past 12 months.