Daily briefing: Monday - Which way now for Marsh?

Martin South’s departure from Marsh UK, announced this morning, will not come as a great surprise to his peers. Towards the end of last year, there was some whispered speculation that his role could be about to change – indeed, before Brendan McManus signed up to run Giles, it was suggested that he could be in line for South’s job, with South making some sort of sideways move.

McManus is now out of the picture but, on the face of it, this is more of a step up, with South overseeing the UK and Ireland as part of his European empire. His successor will report into him.

Which leaves a few unanswered questions. The primary one is, who will that successor be? The decision to announce South’s departure without naming his successor suggests that the decision has not been made. This may be because the business is planning an external search, or because there are several internal candidates who need to fight it out. Either way, it doesn’t signal great confidence or a smooth handover, and the broker will be looking to make an appointment as quickly as possible to get things back on an even keel.

Hungry for more

South made no secret of his further acquisition ambitions following the successful integration of HSBC – but he never sealed the transformational deal. It’s likely his successor will be looking to make a name for themselves with a major buy, such as an Oval, or perhaps even one or more of Groupama’s broking assets.

Marsh’s new UK chief will also be fighting it out for growth in a staggeringly tough market. Willis, newly under the leadership of Dan Wilkinson, is on a mission for growth at all costs; JLT is a formidable opponent; and Health Gallagher is redefining the rules at the top of the market. For the national brokers, this is going to be one hell of a year.