Paul Stockton (pictured), will depart as Rathbones Group CEO in September.
Rathbones Group CEO Paul Stockton will retire on 30 September following 16 years at the firm and six years at the helm of the business.
Jonathan Sorrell will take over as CEO and initially join the business as CEO designate on 1 July, subject to regulatory approval.
Sorrell will join from Capstone Investment Advisors, a derivatives investment management firm, where he has served as president since January 2020.
Prior to this, Sorrell was chief financial officer and then president of Man Group.
Once the appointment has been granted approval from the regulator, Sorrell will be join the boards of Rathbones Group and Rathbones Investment Management. Stockton will remain on hand to support the transition until the close of 2025.
Sorrell said becoming Rathbones CEO is "a true honour" and he looks forward to "working closely" with Stockton during the handover months.
With the position "comes a great sense of responsibility to ensure Rathbones continues to succeed and deliver for our clients and, as a result, for our people and shareholders", the incoming CEO added.
Reflecting on his years at Rathbones, Stockton said it "has been a big part of my life, and my decision to retire has inevitably been taken with mixed emotions. It has been an honour and privilege to serve as group chief executive".
Having enjoyed stints as managing director of Rathbones Investment Management and group finance director, Stockton oversaw the combination with Investec Wealth & Investment last year, and watched the group's funds under management and administration grow from £9bn to £109bn during his tenure.
Rathbones' chair Clive Bannister said the board would like to "pay tribute to the outstanding contribution that Stockton has made to Rathbones".
On the incoming CEO, Bannister added: "Sorrell brings a formidable leadership track record at the most senior level of the broader investment and asset management industry, working across complex global organisations.
"In an excellent field of potential candidates, his investment background and experience combined with his energy, ambition and a clarity of strategic thinking stood out to the board."
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