Ascot Lloyd has started a search for a successor to Nigel Stockton, who has been at the helm for over eight years.
Stockton, who has been chief executive officer since September 2015, will remain in the role while overseeing the transition and appointment of his successor.
Stockton said: “It is almost two years since we agreed for Ascot Lloyd to be bought by Nordic Capital and we decided together at that time that I would hand over to a new CEO when the timing was right.
“Now, the time has come to find my successor to continue building on Ascot Lloyd’s success and to grow and develop it even further.”
Stockton started in 2015 with Bellpenny, with the firm then rebranding to Ascot Lloyd two years later. It was then bough by Nordic Capital in 2022.
“Since the end of 2016, the company has tripled AUM and more than quadrupled revenues, with over 80 acquisitions executed to date,” Stockton said.
“I’m immensely proud of my time and legacy at Ascot Lloyd and will remain as a significant shareholder going forward.”
He concluded: “I wish all the clients, advisers, suppliers and partners well. I’d like to thank the board and everyone at the Ascot Lloyd team. I wish them all the very best for the future and look forward to celebrating their continued success.”
Meanwhile, Mike Covell, chairperson of Ascot Lloyd, thanked Stockton for his energy and leadership for such a long time.
“He will leave a business that has developed immensely compared to the one he joined in 2015,” he said.
“Nigel stepping down was jointly planned when Nordic Capital bought the business two years ago, and all parties agree that now is the right time for a new CEO to continue the Ascot Lloyd success story.
“I’m delighted that Nigel will be involved in the selection process for his successor and continue as a significant shareholder.”
In April 2022, Ascot Lloyd was sold to Swedish private equity investor Nordic Capital for an undisclosed sum by its owner, Oaktree Capital Management.
The national advice firm at the time had £9.8bn in funds under influence, serving some 20,000 clients and employing 500 people across the UK.
Bought by Oaktree back in 2017, Ascot Lloyd’s latest change of ownership saw Nordic Capital acquire the interests held by Ares Management Corporation, an investment manager which financed the IFA back in February 2021 for acquisitions.
Christian Frick, partner, Nordic Capital Advisors and member of the Board of Ascot Lloyd, added: “I would like to thank Nigel for his excellent stewardship of Ascot Lloyd over the years.
“We all agree that the timing now is right for him to hand over to his successor as planned.
“The board has now initiated the search for a new CEO to secure the medium- and long-term future of the business.”
sonia.rach@ft.com
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