Quilter Cheviot chief executive David Loudon is to retire from the firm at the end of June, with his role being taken over by Martin Baines, who was previously CEO of the business.
Loudon (pictured) has worked at Quilter Cheviot since 1999 and became chief executive in 2015, shortly after the firm was acquired by Old Mutual Wealth.
He will continue to work at the firm in an advisory capacity following his retirement on 30 June.
Martin Baines, who was chief executive from 2003 to 2015, will return to the role from 1 July and also sit on the Old Mutual Wealth executive committee.
Since he moved from Quilter Cheviot, Baines has been working as chief investment director at Old Mutual Wealth.
Loudon said: "After a career spanning almost 40 years in investment management and stockbroking, I have decided the time is right to retire from my CEO responsibilities.
"I am immensely proud of the journey we have been on since I joined the firm in 1993. I am delighted that it is not 'goodbye' and I look forward to continuing to support this incredible business in an advisory capacity.
"I will step down from my role knowing that Quilter Cheviot will be led by Martin and our highly experienced leadership team and that, working together, they will continue to grow a business that puts its clients at the heart of all it does."
Baines said: "David has worked tirelessly for Quilter Cheviot in building a substantial business and I pay tribute to his loyalty and dedication as our firm has grown into a peer leading business in the investment management sector.
"We have worked together for the last 23 years and I thank him for his support and leadership of QC. I am delighted David has agreed to stay on in an advisory capacity."
1,044 complaints against advisers in six months
With effect from 3 January 2018
Examine the active share ratio
Down 0.7% to $1.238
Our regular video series continues