Rathbones investment management head Chavasse takes redundancy

On gardening leave from 31 December

Rathbone Brothers' Paul Chavasse has stepped down from his role as head of investment management after taking redundancy, and will leave the company early next year.

Chavasse (pictured) is entitled to 12 months' notice and will therefore receive his current annual salary of £293,550 and pension allowance of £35,426 per year until the official termination date. He will receive seven months' pay in lieu of notice (to include salary, pension allowance and benefits) subject to claw back for mitigation during the period to 30 September 2017. He will also be paid a statutory redundancy payment based on his length of service to the termination date and subject to the statutory earnings cap, which amounts to £9,819. Chavasse will be on gardening leave ...