Fairfax boss steps back

Stefan Allesch-Taylor, one the Square Mile's best known financiers, is quitting his role as chief executive of Fairfax, the investment bank he founded just three years ago.

Mr Allesch-Taylor, no stranger to headlines after a public fight with former Tory chancellor Ken Clarke over Savoy Asset Management, is changing roles to concentrate on a new property venture working with Robin Saunders, the former head of principal finance at the German bank, WestLB.

Mr Allesch-Taylor, who is also famed for teaming up with Sir Peter Burt, the former governor of Bank of Scotland, in an ultimately abortive attempt to stop HBOS being bought by Lloyds Bank in 2008, will continue as chairman of Fairfax, a spokesman said.

Fairfax raised £2.8min a September placing for Hambledon Mining, a Kazakhstani gold mining and exploration company. According to filings at Companies House, Fairfax posted an operating loss of £3.7m for the year to the end of 2008. The accounts also show Fairfax received £1m through preference shares in the same period.