Mr Nichol, 47, is retiring after 20 years with the company while Mr McFarlane, 35, has resigned after less than two and a half years. Mr McFarlane was recently described as 'one of the new breed . . . who have pulled the house round after some difficult times'.
Mr Nichol, who Ivory & Sime thanked for his contribution, will retain an association with the fund manager as a director of Pacific Assets Trusts, which it manages.
The departures accompanied Ivory & Sime's interim results, which showed pre-tax profits up 9 per cent at pounds 2.3m. Earnings per share rose by 19 per cent, aided by the company's buying-in of 2.25 million of its own shares.
The interim dividend rises by 40 per cent to 1.75p a share, in line with the company's intention to increase the interim payout as a proportion of the final. Ivory & Sime plans at least to maintain the final dividend at 4.5p, which would increase the total by 9 per cent to 6.25p a share.
Administrative expenses were cut by nearly pounds 350,000 to pounds 4.8m. David Newbigging, chairman, said: 'The improvement in some stock markets, together with the recent devaluation of sterling, is having a positive influence on our revenues. With costs remaining under control, we believe that the results for the full year will be satisfactory.'Reuse content