Top Management Team Characteristics and Decision-Making Nexus Post Brexit: Evidence From an International Wealth Management Firm in Europe

Abstract

This chapter investigates an international wealth management firm, deVere's top management team composition, and the impact of their observable characteristics on strategic decision-making. Concurrently, the study also determines the significance of the composition of a top management team responding to Brexit regulatory changes. Due to its cultural ties and niche target market, Brexit is a significant event for the wealth management industry and deVere. Drawing on a qualitative approach, semi-structured interviews, and the embodiment of an interpretive perspective, the authors analysed the relationship between the top management characteristics and their effect on strategic decisions. The findings indicated that international experience, age, risk-taking propensity, educational background, and cognitive diversity significantly impacted strategic decisions. Based on upper echelons theory, the study shed light on the mechanism linking top management team characteristics and strategic decision-making after Brexit.