Investment veteran Julian Palfreyman will retire from his role as chief executive of investment trust broker Winterflood after 27 years.
The investment trust research and broking house said Mr Palfreyman will step down at the end of the current financial year and will be replaced by Philip Yarrow, who has been head of electronic trading at the group since 2000.
Mr Yarrow will also join the Close Brothers executive committee. Winterflood is the market making division of close Brothers.
Preben Prebensen, chief executive of Close Brothers, said: “I would like to thank Julian for his tremendous contribution to the business over many years.
“With commitment and consistent leadership he has developed the business and ensured it has traded successfully in all market conditions. I wish him all the best for the future.”
Mr Prebensen added Mr Yarrow had been at the group for the past 14 years and was “exceptionally well placed” to take on the role.
