1 month ago
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Mayberry Group Limited, MGL, is announcing big changes as Patrick Bataille joins the team as a director and chief executive of Mayberry Investments Limited, with immediate effect.
Bataille, whose expertise includes digital transformation, has nearly 30 years of experience in the financial services, fintech and related sectors, Mayberry Group said in a release.
Bataille was educated in New York and has worked with firms such as TD Waterhouse Institutional, Citigroup, PwC Advisory, and BNY Mellon, Mayberry said. His new appointment comes at the tail-end of the restructuring of Mayberry, and is concurrent with other leadership changes that sees former Mayberry Investments CEO Gary Peart giving up the role to the newcomer, while Peart will shortly take over the role of chairman of Mayberry Investments Limited, replacing Christopher Berry, on November 1.
Peart is also now the CEO of Mayberry Group, while brothers Christopher Berry and Mark Berry remain chairman and vice chairman, respectively, of MGL, a new company that emerged in 2023 out of the restructuring of the group, resulting in MGL becoming the new holding company in replacement of Mayberry Investments, which became its subsidiary. Its dealings include securities, portfolio management, investment advisory services, foreign exchange cambio, management of client funds, and equities trading and investment.
Peart told the Financial Gleaner that the moves represent the final phase of the reorganisation at Mayberry.
“Our main mission is to build funds under management; Patrick’s expertise and experience is essential for that,” he said, adding that the company wants to cash in on its heavy bet on technology.
“We have invested significant sums into digitising Mayberry and again Patrick’s expertise and experience will allow Mayberry to unlock that potential,” Peart added.
Meanwhile, Bataille indicated that as CEO of Mayberry Investments, he not only wants to build on what the company has already achieved, but also make an impact on the financial services industry.
“I aim to foster a culture of excellence and agility, ensuring that we continue to lead the market by driving impactful, client-centred solutions,” he told the Financial Gleaner.
“Together with our talented team, we will not only strengthen Mayberry’s position as a financial powerhouse but also shape the future of the financial services industry in ways that positively impact the lives of all our stakeholders,” he said.
The restructuring of Mayberry saw the listed shares of MIL being swapped for equal shares in MGL, and the delisting of Mayberry Investments from the stock exchange. All subsidiaries held by Mayberry were also transferred to MGL.
Mayberry Group and, before it, Mayberry Investments, have suffered from the turbulence that has plagued the equities market since the coronavirus pandemic and the subsequent battle fought by central banks, in which interest rates have been weaponised to counteract rising inflation.
In its most recent earnings report, Mayberry Group recorded third-quarter profit of $250 million of which $145 million was attributable to stockholders, the company having dug itself out of the near two billion dollar hole into which it sank in the comparative period for 2023, when its losses amounted to $1.9 billion, $986 million of which was attributable to owners of the group.
Over nine months, January to September, all of Mayberry’s horizons, while showing improvement, were still coloured red, with losses of $688 million, compared to losses of $1.75 billion in the 2023 period, of which losses attributed to members were $561 million and $693 million, respectively.
Most of the losses related to write downs on the value of investments, but Mayberry also faced large interest expenses that overtook its core interest income, resulting in negative net interest revenue.
Mayberry Group is now a near $62 billion company by assets as of September, up five per cent year on year, while subsidiary Mayberry Investments held assets of over $39 billion as at March, a slight decline from $40 billion.
English (US) ·