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Shirley Won

Wednesday, May 14, 2008

Saxon Financial Inc.'s president and chief executive officer Allan Smith has resigned for personal reasons effective immediately, the company said yesterday. It was not clear why Mr. Smith abruptly left the wealth management firm, which he took public in 2005. "It's business as usual, and we will start a search process to replace him," said Judi George, general counsel for Toronto-based Saxon. Robert Tattersall, executive vice-president and one of the founders of the predecessor firm, has been appointed interim president and CEO. BMO Nesbitt Burns analyst Atual Shah said in a note that Saxon "continues to face headwinds," saying its out-of-favour value investment style and net redemptions in funds may dampen earnings growth. SFI (TSX) fell 31 cents to $14.86.

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