The managing director of Ashburton Jersey has stepped down after just a year in the role, as the asset manager “reassesses its future requirements and structure”.
In a statement, Ashburton confirmed that Tony Wilshin “has decided that the time is right for him to move on and pursue other interests and has resigned”.
Wilshin was made a director of Ashburton (Jersey) in 2016 before stepping up to the managing director role in June 2018.
He has nearly 20 years of industry experience, having worked with UBS and Kleinwort Benson.
Following this, Jeff McCarthy, who has been with the South Africa-based firm for around seven years, has been named chief executive: international.
Based in Johannesburg, McCarthy was previously chief strategy officer of Ashburton Investments.
Jersey Employment Law
Senior changes are not the only issue the asset manager is currently facing in the Channel Islands.
In accordance with local employment law, the firm is required to “inform and consult with all staff in potentially impacted functions that their roles may be ‘at risk’ in the future”.
The warning stems from Ashburton’s investment process streamlining and refining efforts over the past few years.
“In line with international trends in asset management, the next step in our transformation journey is the focus on enhancing and modernising our operating platform to better meet the needs of our global client base,” the firm said.
“This transformation may require an operating model change in Ashburton Investments’ international business, to ensure it is optimally structured and linked into the broader Ashburton Investments business to set us up for greater scalability, growth and sustainability.”
The operating platform review “may impact people in the Jersey-based business”.
While the statement provides no concrete details of how many jobs are at risk, local newspaper Jersey Evening Post reports that staff numbers may drop by half.
The publication put the number of people Ashburton employs on the island at just over 60.
“This process does not affect our investment team and we are working hard to ensure that it does not impact on our clients’ investment or service experience with us,” Ashburton’s statement added.
