Close Brothers Asset Management's chief executive Martin Andrew has decided to step down from his role to pursue the next stage of his career.
Andrew has been with CBAM for sixteen years, the last thirteen of which he was chief executive.
The asset manager said he will remain with the business until the spring 2022 to ensure a smooth succession.
Andrew said: “It has been a privilege to lead CBAM and serve our clients over many years and I am proud of what the team has accomplished.
"I will leave with a strong fondness towards Close Brothers and I am committed to a smooth handover to my successor in due course.”
The search for a successor is well underway and the firm said an announcement will be made in due course.
Adrian Sainsbury, chief executive of Close Brothers, said: “We take a long term view of our businesses and Martin and I have been discussing succession planning in CBAM for some time. I would like to thank him for giving us time to ensure we could plan for a smooth transition.”
He added: “Martin has made an enormous contribution to the group during his time here, and I have very much enjoyed working with him."
Earlier this year, Close Brothers AM acquired Surrey-based IFA PMN Financial Management as part of its growth strategy.
Early last year it appointed Rathbones' Tim West as managing director to strengthen its high net worth client proposition and to help grow the company through further expansion.
sonia.rach@ft.com
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