Pearce steps down as MD of Plan B

Perth-based wealth management firm Plan B Group Holdings says managing director Denys Pearce will step down from the company immediately.

In a statement this afternoon, the company said that executive chairman Bryan Taylor has assumed leadership responsibilities for the group.

No reason was given for Mr Pearce's immediate departure from the role, however Plan B said that he will assist Mr Taylor during an expected three-month transition period and will remain as a director of Plan B Trustees.

The company last week announced a record funds under management, administration or advice of $2.19 billion as at March 31 2010.