March 21, 2013 / 7:47 AM / 5 years ago

UPDATE 1-Brewin Dolphin names Nicol as new CEO

LONDON, March 21 (Reuters) - British wealth manager Brewin Dolphin has promoted David Nicol to chief executive, replacing Jamie Matheson who has stepped down as executive chairman after eight years in the job.

Brewin said in a statement on Thursday it was right for Matheson to step down having carried through most of the firm’s plans set out in its strategic review in 2011.

He will work with Nicol during the transition while freeing up time to pursue other business and charitable interests, the firm said.

Nicol is a former Morgan Stanley executive who joined Brewin Dolphin’s board as a non-executive director last year.

The company has performed relatively well during the financial crisis as clients stick with it to manage their money. It said in January funds under management had grown to 26 billion pounds ($39.3 billion), while profits rose by a third in the year to Sept. 30 after a sharp drop in costs. ID:nL5E8N52BZ]

Other management changes involve Simon Miller, deputy chairman since February 2012, moving into the role of non-executive chairman. Three existing members of the board have stepped down.

Stephen Ford is promoted to executive director, responsible for investment management, reporting to Nicol.

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