The head of Birmingham stockbroker Arden Partners has stepped down – to start a new job expanding the firm in India.
Edgbaston-based Arden already has eight Indian clients, ranging from energy generation to oil and gas exploration to financial services.
But chief executive Jonathan Keeling said he hopes to nearly double that number in the medium term, and has his eye on two new clients in the subcontinent by the end of the year.
Mr Keeling will be stepping down as chief executive and becoming deputy chairman to focus on the burgeoning Indian market. He said Asia was the best opportunity for growth at the firm, as Western markets continued to underperform in comparison.
In its interim results for the six months to April 30, Arden partners saw its revenue increase to £6.4 million – a 41 per cent rise on the same period the year before. But it still recorded a loss before tax of £200,000.
Mr Keeling put the loss down to the cost of increasing its headcount and a move to a new office in London.
The firm took on an extra 13 staff in the last year, taking it up to 53 in total. And it moved to a new office on Old Broad Street in the Square Mile, close to the Bank of England. The property deal was made at the bottom of the slump in commercial property prices and would end up saving the company money now the costs of moving had gone, Mr Keeling said.
“I think it was a better first half than the previous first half, that shows the market was better,” he said.
The best-performing departments at Arden were the corporate finance and equities divisions, which saw revenue rises of 20 per cent and 63 per cents respectively.
Mr Keeling said he was looking forward to taking on the new India-focused role. “We won our first Indian brokership in 2005, Hardy Oil and Gas,” he said. “Today, we have got eight Indian corporate clients out of 39. I took over as chief executive in 2008, and India has become a very, very important driver of our business.
“Because India has been so successful, ultimately I just didn’t have enough hours in the day, so I took the view that it was right for me to become deputy chairman.
“The UK market is very competitive and I’m going to be trying to grow the Indian franchise further.
“I love going to India, I love doing business with the people there, and ultimately it’s really good for us and for the UK to develop these kind of links.”
Although there are no immediate plans for a permanent Arden Partners base in India, Mr Keeling said an office in Mumbai was something that was being considered in the future, and he was also looking at a potential working partnership deal with a local outfit.
Mr Keeling will be replaced as chief executive by financial analyst Jeremy Grime. Mr Grime has taken over as chief executive designate with immediate effect, and will assume the full role at the end of the year.
The reshuffle in the boardroom at the firm has also seen the arrival of former Conservative MP and Guinness Flight executive Howard Flight as an independent non-executive director. He will be replacing Philip Dayer, who will leave the firm on July 31.
