Saxon Financial Inc. today announced that Allan Smith, president and CEO, has resigned for personal reasons, effective immediately.

Robert Tattersall, executive vp, has been appointed interim president and CEO.

Tattersall is one of the founders of Howson Tattersall Investment Counsel Limited, the Saxon’s investment management subsidiary, and a current Saxon director.

On May 5, Saxon reported that its assets under management increased by 2.8% in the first quarter to $13.3 billion. However, its management fee revenue was $12.3 million, down from $13.2 million in the prior quarter due to a decline in mutual fund assets, the largest revenue-generating segment.

Saxon’s net income for the quarter was $3.3 million, down from $4.1 million in the first quarter of 2007. The firm said that net income was negatively impacted primarily by a decline in mutual fund management fees.