A former partner of a prominent law firm joins the ASX-listed company, as the firm announces its first half year results for 2009.
Financial services firm Trust Company has hired John Atkin as managing director, replacing Jonathan Sweeney who announced his departure in July.
Sweeney will remain in the role until Atkin joins Trust in January 2009.
Atkin was previously managing partner of the law firm Blake Dawson. He was also an executive partner with Mallesons Stephen Jacques.
The appointment coincides with the organisation reporting a $19.1 million net profit after tax, for its first half year results for 2009. The figure represents a 79 per cent increase on the same period last year.
The result includes a $13.9 million after-tax profit from the sale of its 50 per cent stake in BNY, which was announced in April.
Operating earnings before interest, tax, depreciation and amortisation (EBITA) was $10 million, a 2 per cent increase on the same period last year.
Funds under administration (FUA) for Trust's institutional services increased by 4 per cent since February 2008.
"Trust has stuck to its core business, which is independent fiduciary and advisory services. As such, we have been able to deliver a positive result," Sweeney said.
FUA for the firm's financial services business, however, fell by 8 per cent.
"The fall in our assets under administration is a result of the deteriorating markets," Sweeney said.
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