Today, Third Financial Group formally announced the re-organisation of the company’s management structure to provide a robust framework to sustain the rapid growth being seen in its custody and software product lines.
The new structure will ensure the best use of resources across the Group – the wealth management software business, TFS (Third Financial Software) and the FCA-regulated custody business, TPS (Third Platform Services). It also serves to highlight the Group’s unique position in UK Fintech as a market participant with a significant and growing share in Model B custody services, underpinned by its traditional role as a software provider via its market-leading proprietary wealth management system, Tercero.
Under the new structure, Ian Partington will succeed Stewart Foster as Group CEO, and Foster will take on the role of Group CRO (Chief Revenue Officer), focussing on the future growth of the combined business. Ian will remain as CEO of TPS.
The re-structure follows significant investment in TPS, with considerable success now following. The mid-year financial results for the Group show increased revenues up over 30% year-on-year with the key recurring revenue figure up by over 75% over the same period.
Roger Foster, Group Chairman commented, “These changes reflect a point of maturity in the business. The Board would like to record a debt of gratitude to Stewart as he steps down from being Group CEO. Today’s milestone owes much to his efforts and whilst there is more work to do, we are now in good shape for future growth and looking forward to increased success under the new leadership structure”.