Peter Connell suspended from MJ Hudson.

The chief financial officer at MJ Hudson has been suspended, with the finance advisory company warning that it may have uncovered fresh discrepancies in the audit of its accounts.

Trading in MJ Hudson shares was also suspended yesterday and the company has appointed an external firm of accountants to review historical issues that mean the full-year audit will not be finished on time.
Peter Connell, 61, announced on November 1 that he was stepping down as a director of the group, which provides advisory and data services to the asset management industry, but would stay on to smooth the transition of a successor as finance chief.
Two weeks before, on October 17, Hudson had announced that it was unlikely to meet an upbeat profit forecast made in July and repeated in August, when the company tapped shareholders for more money in a fundraising.
The statement continued: «The company also announces that Peter Connell, who stood down as a director of the company on October 31, has been suspended. The board has appointed an external accounting and financial services firm to assist them in achieving the necessary clarity to enable the year end FY 2022 reporting to be completed. The board no longer believes that the company’s audit will be complete before the end of December 2022».
Connell has been with Hudson since it was started from one office in 2010 by Matthew Hudson, a well-known City figure and former partner at SJ Brewin. The company has 400 people in ten locations, with more than 1,000 clients. It provides back-office functions to the asset management sector, such as data services, analysis and advice on the growing area of environmental, social and governance concerns.
However, a spokeman said there would be a further announcement «as soon as the company is in a position to do so». Hudson would not disclose the name of the firm appointed yesterday to carry out further work on the accounts.
Other big Hudson shareholders include Canaccord Genuity Wealth Management, Axa and Crux Asset Management.

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