Openwork blames losses on Caerus and RDR


Openwork recorded a pre-tax loss of £8.5m in 2010, on top of a £5.6m loss during the previous year.

The network's total revenues were £182m, marginally down from the £182.5m in 2009. Its administrative expenses increased from £36.6m to £40.1m, although complaints redress and review costs were down from £2.6m to £2.2m. Meanwhile, Openwork's advisory numbers went down from 2,485 to 2,060, with chief executive Mary-Anne McIntyre blaming both the general contraction in the market and the poaching of advisers by a rival network set up by ex-staff. Former chief executive Keith Carby set up Caerus Wealth Management in 2010 and, by the end of the year, had over 200 advisers working with ...

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