OpenMoney will enter a period of “significant” restructuring following its majority sale to entrepreneurs Will Mallard and Patrick Leahy last week.
OpenMoney founders Duncan Cameron and Anthony Morrow sold the business but retained minority holdings, with Leahy becoming acting chief executive.
The restructuring proposals which are yet to be approved by the regulator include plans to grow the financial planning arm of the business, organically and through acquisitions.
In a statement, the company said redundancies among employees of the group holding company were expected.
But the trading companies and client-facing operations will not be affected by this.
Instead, OpenMoney plans to expand these and widen the product offerings.
In t…
Read the full article at: https://www.ftadviser.com/companies/2023/05/05/openmoney-sale-prompts-redundancies-and-significant-restructure/