WP Stewart & Co., Ltd. has promoted Mark Phelps to CEO, effective from the start of next month.

Mr. Phelps, who is currently president and managing director of the company, will also join the board of directors.

Meanwhile WP Stewart has reported a net loss of $5.2 million or 11 cents per share for the second quarter of 2008, reflecting non-recurring cash and non-cash charges of approximately $1.6 million or three cents per share related to agreements with employees whose employment was terminated during the quarter.

These results compare with a net loss in the second quarter of the prior year of $17.8 million or 39 cents per share, which also included a non-recurring, non-cash charge related to an impairment of intangible assets of $18 million, or 39 cents per share.

Bill Stewart will remain as executive chairman of the board and continue his leadership role of the firm's investment research and portfolio management.

The company is looking to slash expenditure and said it would be likely to cut more jobs. WP Stewart intends to focus research efforts in its New York and Bermuda offices and to "significantly reduce overheads from its London operations".

Assets under management (AUM) at June 30, 2008 were approximately $2.2 billion, having fallen $600 million since the end of the first quarter. As of August 15, 2008, AUM remained constant at approximately $2.2 billion, reflecting both market value changes and net outflows since June 30, 2008.