by Alexandra Capik
Wealth management giants Brewin Dolphin and Charles Stanley are locked head to head in a legal battle after several of Brewin’s employees were allegedly poached from their Leicester office to Charles Stanley.
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The clash features allegations of cover up, secret ‘recruiting sergeants’, and covert negotiations to transfer 18 people from Brewin’s Leicester office to Charles Stanley.
Brewin is suing six former employees who include four divisional directors, its business developer, and ex-branch head Ed Cufflin. All six quit last March to join Charles Stanley. Twelve more employees followed soon after.
A nine-point writ alleges Brewin’s former employees breached contracts and conspired to aid Charles Stanley in an effort to cause Brewin losses.
Brewin’s employment contract strictly states that employees are to promote the interests and welfare of the company and, should any employees be approached by rival companies, inform the board right away.
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By GlobalDataThe writ claims Cufflin was in contact with Charles Stanley since 2010. He admitted to communicating with Brewin employees who were made offers from Charles Stanley but downplayed the formality of the conversation.
Brewin also alleges the first six employees influenced the remaining 12 employees to leave the management. However, the 12 employees deny this, saying they applied to Charles Stanley after coming across an advert.
The investment manager is claiming damages for breach of contract and loss of profit on client monies that followed the former employees over to Charles Stanley.
Brewin’s Leicester office manages over £800 million and stated if half of this amount moved to Charles Stanley, it would lose more than £2 million a year in revenue. The writ would prevent Charles Stanley from gaining any profit from hiring the former Brewin employees.
Brewin Dolphin and Charles Stanley both declined to comment.
