After nearly 15 years as Group CEO of Ocorian (formerly Bedell Trust), Nick Cawley FCA TEP will stand down from his position on 31 December 2018. He will be succeeded by Stuart Layzell, who is currently the Chief Financial Officer and Chief Operating Officer.
Headquartered in Jersey, Ocorian is an independent, award-winning provider of fiduciary and administration services to corporate, institutional and private investors operating worldwide.
Nick Cawley, a chartered accountant and fellow of the Society of Trust & Estate Practitioners (STEP), will however remain with the business as Chairman of several Ocorian entities and also take over the leadership of its global Private Client services.
"It has been an absolute privilege to have been CEO for such a long and exciting period in the evolution of Ocorian," commented Nick Cawley.
"Today we are a global player with strong presence in leading offshore and onshore locations and have a great platform to build our reach and capabilities even further."
"As we look to the future now feels like the right time for a new CEO to take the lead in the next chapter of Ocorian's life. I have no doubt it will be even more exciting in the years to come!"
In 2016, it was Cawley that successfully led the Management Buy Out (MBO) of Bedell Trust from Bedell Group and has subsequently grown the business with four new acquisitions (in just 24 months), to extend jurisdictional coverage into the Netherlands, Luxembourg, New York, Dubai, South Africa and the Ivory Coast, and to expand Ocorian's workforce from 200+ to almost 700 worldwide.
"It has been an absolute privilege to have been CEO for such a long and exciting period in the evolution of Ocorian"
Reflecting on Cawley's achievements, David Thorpe, Chairman of the Board of Ocorian's Holding Company, said:
"On behalf of the Board and the investors, I'd like to thank Nick for his substantial achievements over many years. Not only did he build a significant business - Bedell Trust - as part of Bedell Group, providing innovation and leadership, he also orchestrated and led a successful MBO.
"MBOs are never easy, but to follow this with a further two years of transformation and growth has been truly stellar. So while we are sad to see Nick step down, we are delighted that Nick has agreed to continue in a key leadership role at Ocorian: leading our Private Client business, chairing a number of our companies and supporting the transition to a new CEO."
Thorpe continued: "Congratulations too to Stuart as he takes over the helm. I know he will have the full support of the Board and the Ocorian team as we embark on the next exciting chapter of our business. "Nick Cawley agreed: "Stuart has a tremendous set of leadership skills that will really help to drive our business over the next 5-10 years. Stuart's career, which started with PwC, has seen a number of very senior roles in financial services businesses in the UK and US before joining Ocorian two years ago."
Stuart Layzell officially takes up the post of Group CEO on 1 January 2019. Stuart joined Ocorian in late 2016 following the MBO and rebrand of Bedell Trust to Ocorian. As well as acting as both Chief Financial Officer and Chief Operating Officer, Stuart has taken a lead role in all four of the acquisitions that Ocorian has made, ensuring their integration to the business and the development of a centralised Global Operations team.
Commenting on his appointment, Stuart Layzell said:
"Ocorian has grown significantly in recent years, delivering excellent client service as well as creating great opportunities for each of our 700 colleagues. As CEO, I look forward to building on this and helping Ocorian maximise its potential."