Bates out in Daniel Stewart shake-up
JUSTIN Bates, the Manchester-based executive director of AIM-listed stockbroker Daniel Stewart, has unexpectedly left the business.
Mr Bates, a respected analyst was a member of the main board of the firm, is understood to have fallen victim to a cost cutting drive ordered by new chief execuive Adam Wilson.
Although his departure date was given as Monday this week, Mr Bates is believed to have left more than two weeks ago.
Mr Wilson recently took over the reins at Daniel Stewart after its merger with his Gulf-based consultancy MENA-RL.
In a brief statement Daniel Stewart said: “The board would like to thank Justin for his contribution to the business during his period as a director.”
Cheshire-based Mr Bates was formerly with Numis Securities. He is a specialist in finance and insurance stocks.
He joined the main board in July 2008, 18 months after his switch from Numis.
Prior to this he was a member of the financials and insurance research team at Charterhouse Securities.
Daniel Stewart, which recently hired former WH Ireland managing director David Youngman as its Manchester-based head of corporate finance, is broker to more than 50 small companies.
It has suffered, like many other small brokers from a lack of corporate activity and has not posted a profit for more than two years. Its share price has slumped more than 90% since 2008.
