Gould takes Spicers board spot
On its website GWM told investors that Gould “remains committed to the business” and will remain a director of GWM and take a place on the Spicers board.
“The merger of GWM and Spicers is not just a sale of the business, but a combination of our business with Spicers so we can enhance our service for all of our clients,” the GWM note says.
It is understood AXA's takeover of GWM included a 'work-out' agreement with the final sale price dependent on GWM meeting certain criteria at some point in the future.
The GWM note also says Spicers will provide a “dedicated resource” to deal with “the issue of the impaired assets held in some client portfolios” by working with trustees, receivers and others involved in unwinding investments in failed or frozen finance companies.
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