Rathbones Names Ex-Phoenix Boss Bannister As Chairman

Published date: .

Rathbone Brothers has appointed ex-Phoenix Group CEO Clive Bannister as its new chairman. 

Bannister will take over from Mark Nicholls at the wealth manager, who will retire from the role at the company’s annual general meeting in May. 

Read more: Government releases £800m of dormant funds for pandemic recovery

The news comes as Rathbones reports a nearly 9 per cent jump in total funds under management at the end of 2020, owing to strong market movements in the last quarter. 

Total FUM at the firm at 31 December 2020 was £54.7bn up from £50.4bn at 31 December 2019

Bannister was CEO of Phoenix Group for nine years. He previously worked at HSBC, where he was CEO of HSBC private banking and group managing director of the insurance and asset management division. 

Read more: Insurer Phoenix reports £1.7bn cash generation

Outgoing chairman Nicholls said it had been a “privilege and pleasure” to serve as chairman for the last 10 years.