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Howard Shore, the founder and executive chairman of Shore Capital, is stepping back from his duties at the investment group to be replaced by two joint co-chief executives.

Mr Shore is “reliquishing his operational responsibilities” as CEO, the boutique investment bank said on Wednesday, but will remain as executive chairman. Simon Fine and David Kaye will share the chief executive role.

Mr Fine is a former boss of Shore’s capital markets business while Mr Kaye has worked at its asset management arm.

“Simon and David have worked closely with me for many years and I am delighted that they have agreed to lead the Group’s future development”, said Mr Shore.

The announcement came as Shore unveiled a sharp drop in annual profits due to the impairment of some assets and a rise in administrative costs. Pre-tax profit was £2.4m in 2016, down from £11.7m the year before. Revenue fell 6 per cent to £39.4m.

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