Elston began his career at Mercury Asset Management in Asia and also worked for Abrdn in the region.
He later joined Liverpool-based Seneca Investment Managers in 2014, becoming chief investment officer prior to his exit in 2020.
Elston was also a shareholder in Seneca, and the firm was sold to Momentum in late 2020.
Philip J Milton and Co is an advice firm and also a discretionary fund manager based in the town of Barnstaple.
It has assets under management of £230mn, which the company’s founder Philip Milton said is close to the highest it has ever been.
Milton founded the firm almost four decades ago, and as part of the expansion his son Felix Milton, who is a chartered financial planner, has also become a director of the company.
Elston said he is looking forward to helping the firm grow in the coming years.
Elston is joining the business at the same time as Adam Cooke, an industry veteran who is coming into the firm as non executive chairman. Cooke previously worked for many years at Invesco.
The company said the moves are part of a plan to broaden and deepen the senior management of the business.