Wise Funds founder Tony Yarrow is set to retire from the business at the end of June, the firm has announced.
He will be succeeded as manager of the Wise Multi-Asset Growth and Wise Multi-Asset Income funds by Vincent Ropers and Philip Matthews, who will continue to co-manage both funds as they have since joining in 2017 and 2018 respectively.
Yarrow, who began his career as a financial adviser in 1984, will stay on as a trustee of the employee-owned company and will remain an investor in both funds.
He said: "We have been working on a succession plan for the last five years, with the appointment of first Vincent and then Philip, both of whom, as well as becoming fully conversant with our process have improved it with the knowledge and ideas they have brought to the team.
"More than ever before, investors need to be able to rely on excellent active managers who combine a rational, patient approach to investment with the tactical ability to see and take advantage of opportunities as they arise in the market, and with the courage to identify herd behaviour and avoid it.
"Vincent and Philip are two such managers and I wish them, and all our investors, every success for the future."
Yarrow began managing funds in 1988. He founded Wise Investments in 1992, and in 2004 he launched the first of the two multi-asset funds.
The Wise Multi-Asset Growth fund is among the top performers in its sector - the Investment Association Flexible Investment sector - having returned 88.6 per cent over the past five years while the sector returned 50.7 per cent.
The Wise Multi-Asset Income fund has performed less well, returning 41.4 per cent over five years compared to the 50.7 per cent returned by its sector - which is the same as the growth fund.
Roper, who is also chief executive of Wise Funds, said: “Tony Yarrow will leave a legacy as one of the great multi-asset investors in the UK.
"During his long tenure on both Wise Multi-Asset Income and Wise Multi-Asset Growth funds, he has demonstrated the true value of long-term active management.
“Although we will both miss working with him on a day-to-day basis, we look forward to continuing to work with him as a trustee. His succession has long been planned and we are confident we are in a strong position to build on the track record of delivering strong risk-adjusted returns to clients.”