The chief executive of Rathbones will retire next year and be replaced by the company’s investment management boss.
In an announcement to the stock exchange, Rathbones confirmed Philip Howell would retire in May 2019 and be replaced by Paul Stockton, who was himself promoted from finance director to managing director of the investment management business in May 2018.
Mr Howell has been chief executive of Rathbones since 2013 while Mr Stockton has been an employee of the FTSE 250 listed company since 2008.
Mark Nicholls, Rathbones chairman, said: "The board recognises the importance of careful succession planning at Rathbones and, having worked with Paul for many years, we are delighted with his promotion to chief executive officer.
"Paul has built up considerable experience and a deep knowledge of the firm, its values and culture and I wish him every success as he takes on his new responsibilities."
Rathbones spent £100m buying Scottish wealth management business Speirs & Jeffrey in June having previously negotiated, and then abandoned, a bid to purchase Smith and Williamson.
In its third quarter results, announced last month, the company said it had assets under management of £47bn, an increase of 18 per cent when the acquired assets are taking into consideration, and 1.8 per cent excluding those assets.
david.thorpe@ft.com
