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He will take up a position as chief financial officer with a larger financial services business, Record plc.

Sheriff will remain on the Arbuthnot (LSE:ARBB) board until 31 October 2008 to arrange a smooth handover of his responsibilities.

He will start as chief financial officer at Record (LSE:REC), a specialist currency investment manager, with effect from 1 November 2008, when he will also assume the position of company secretary. 

Mike Timmins, Record's current chief financial officer and company secretary, will retire as a director of the company on the same date, although he will remain with the company for a short handover period.

Sheriff has held his current position as group finance director with Arbuthnot Banking Group PLC since October 2006.

After qualifying as a Chartered Accountant with Arthur Andersen, where he worked between 1992 and 1997, he worked in private equity for a number of years before moving to the Prudential in 2002, where he ultimately became commercial finance director, UK & Europe.

Neil Record, chairman and chief executive of Record, thanked Mike Timmins for his contribution to the business over 16 years.

Timmins’ contribution was recognised this year by the award of "Outside the FTSE 350 FD of the Year" at the CBI/RealFD awards.

Arbuthnot Banking Group’s private banking business, Arbuthnot Latham & Co., Limited, announced that it has entered into an agreement with Premier Pension Services, a division of JLT Benefit Solutions Limited.

Under the terms of the agreement Premier Pension Services will acquire Arbuthnot Latham’s pension administration business, Arbuthnot Trustees. 

The portfolio consists of SIPP (self invested personal pension) and SSAS (small self administered scheme) Arbuthnot clients.

Arbuthnot Latham will continue to provide banking and investment management services to these clients, with plans to promote these services to other Premier Pension Services clients as well.

The group said it expected this transaction to have a positive impact on future profitability at Arbuthnot Latham.

Mike Bussey, CEO of Arbuthnot Latham, said, “Premier Pension Services’ level of client service made them the obvious candidate with whom we could do a deal of this sort. This deal presents both companies with a number of opportunities.”

Nigel Manley, head of self invested pensions, Premier Pension Services said he would be meeting supporting advisers and key clients as soon as possible to explain the rationale for the business transfer.

“This is a lot more than the normal business transfer transaction, however, and we are looking to work long term with Arbuthnot Latham on various products and services where our combined expertise and markets will complement each other,” he concluded.

Related links 

• Arbuthnot Banking Group PLC
• Record plc