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Hodson, who has been with S&F for 35 years, has decided to retire and will be replaced by Shearer at the end of the year.
The news of personnel changes comes as the bank released results which showed a sharp improvements in profits.
It was recently the subject of takeover speculation involving Icelandic shareholders, the Daily Telegraph reported.
Mark McMullen joins the private client services team from Smith & Williamson
Merger between Clear & Lane Chartered Accountants and Magma Chartered Accountants was finalised on 3 February
BDO has taken its new partner intake to 23 during the first half of its financial year, including the appointment of five partners in five weeks
The firm reports 7.6% global fee income growth for the year ending 31 December 2016