A familiar face in island business has retired after more than 40 years at the forefront of the financial services industry.

Greg Horton, who has led the Nedbank Private Wealth team for nearly a quarter of a century, has taken his bow as managing director and executive head and been replaced by Stuart Cummins.

Greg is a well-known business figure in the community having moved from the UK to the Isle of Man when he joined Nedbank Private Wealth in 1995.

He has more than 44 years’ banking and investment industry experience, both locally and internationally, having held a number of main board and senior management positions during his career.

Professionally qualified in both banking and the security industry, Greg was head of Nedbank Private Wealth’s operations in the Isle of Man, Jersey, London and Dubai, alongside Nedgroup Trust’s international trust businesses in Jersey and Guernsey.

Greg’s career in the Isle of Man has incorporated many noteworthy achievements; he was instrumental in securing the first ever euro-sterling bond issue for the Isle of Man government, which funded the Water Authority’s £75 million infrastructure project in 2000. This ultimately led to the Island obtaining its original AAA credit rating.

Following the acquisition of the former Fleming Offshore banking operations by Old Mutual and Nedcor Group in 2001, Greg successfully restructured the business’s operations and completely redesigned its operating model to provide a source of competitive advantage.

Under his leadership, it became the first British offshore island bank to obtain an independent credit rating, and several years later became the first British offshore island business to obtain a UK banking and investment licence when it opened its London branch operations in 2008.

More recently, the business became the first British offshore island bank to obtain a central bank licence for its Middle East based operations, which commenced in 2011.

Greg substantially broadened the business’s product offering with the design and launch of Europe’s first ever integrated banking and investment account named "Focus". As at the end of 2017, Focus holds approaching £4 billion of client wealth and the international footprint of Nedbank Private Wealth’s operations now extends over five different geographies. This expansion, along with a focus on client service and advice, has led to significant industry acknowledgement with over 100 internationally recognised awards for not only client service, products and services, workplace engagement practices, but also people management.

With a compounded annual growth rate in underlying profits of over 20% during the last four years, and a recent top quartile placing in The Sunday Times sponsored 100 Best Companies listing, Greg leaves a well-respected and highly regarded international business that is strongly positioned for the future.

Greg said: ’For me this is the end of an era. I’ve served 44 years in the financial services industry, over half of which I’ve spent at Nedbank Private Wealth.

’It has been a great privilege to lead the business throughout this time, but now is a perfect opportunity to hand over the reins.

’Stuart is an excellent fit for our business, both technically and culturally, and his role will be to carry forward this amazing international business across its chosen geographical and business sectors. I wish him every success.

’From where we started, the business today is unrecognisable in terms of size, reach and market position.

’Over the years, I have made many friends, both inside and outside the business and the team I have helped to build in that time is more an extended family than a group of work colleagues.

’I have enjoyed a long and happy association with the business and it is a rare privilege to benefit from the support of one’s shareholders for the best part of a quarter of a century.

’I owe a great deal to the loyalty and friendship of this amazing team of people, comprising staff, clients and shareholders, and, although the transition of my role has been well messaged and planned for, it is never easy to say goodbye.

’I wish to express my thanks and gratitude to them all. I take great pride in what we have achieved together.

’While my time at the company has now come to an end, I look forward to watching its continued progress from a different perspective. As a client, I will remain no less excited to witness the continuing roll out of the company’s 2020 vision, which will see the launch of an impressive array of technological improvements through 2018 and beyond.

’These will ensure the business remains firmly at the top of its game and maintains its current positon as a leader in its field.’