Richard Downs is stepping down as the managing director of Old Broad Street Research (OBSR), to be succeeded by Richard Romer-Lee and Nigel Whittingham.
He retires on 22 October, when investment director Romer-Lee and development director Whittingham will become joint managing directors. After a break of a few months, Downs will return next year in a consultancy role.
Downs founded the firm with Romer-Lee in 1999 following a management buyout of Buck Consultants' research business. Whittingham joined in 2007, and ratings agency Morningstar acquired the business in April this year. The group says Downs has been instrumental in overseeing the early stages of integration with Morningstar
"OBSR has been a major part of my life, so it is not without sadness that I announce my retirement. Morningstar's acquisition has progressed well, affording me the opportunity to retire earlier. I have enjoyed working in the financial services industry enormously over the last 35 years, but now it is time for me to slow down the hectic pace of my life. I look forward to continuing to assist Morningstar through my consultancy work," Downs says.
Romer-Lee adds: "I would like to pay tribute to Richard's contribution in developing OBSR into one of the most respected investment funds research and consultancy companies in the UK.
"His knowledge of the industry and sharp intellect has been of enormous personal assistance to me and everyone at OBSR, and will continue to be of value to Morningstar. We all wish him the very best."
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