Maclays creates two roles in management shake-up

Leading Scottish firm Maclay Murray & Spens has undergone a management shake-up to introduce a corporate management structure

It has resulted in two new posts: executive chairman and chief executive.

Michael Walker, currently the firm's managing partner, will be appointed as executive chairman, while Magnus Swanson will become chief executive. Both posts will be effective on 1 January 2003.

Walker will replace Bruce Patrick, Maclays' senior partner, who is due to retire on 1 May 2003. In his new role, Walker will focus on the development of client relationships and contacts as well as the traditional senior partner duties. Swanson will act as dealmaker.

Swanson said: “The firm has a clear strategy and has grown in strength and profitability under Michael's watch. But we're currently in a very challenging environment, possibly the most testing in the last 20 years, and efficiency, cohesiveness and communication will be my priorities for the partnership as I start my new role.”