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Fryett latest to leave Quilter

Fryett latest to leave Quilter

Another senior manager is leaving Quilter as the company's revolving door at the top continues to rotate.

Stephen Fryett, managing director of Intrinsic’s wealth network, will leave the company in mid-2019 to "seek new opportunities".

His role will be absorbed by Stephen Gazard, Intrinsic's group managing director, who joined the firm in 2017.

Andy Thompson, chief executive of Intrinsic, said: "Stephen Fryett has been instrumental to our growth from day one and has been a key member of our executive team.

"We brought Stephen Gazard into Intrinsic just under 18 months ago because of his strong distribution background and his passion for our profession, being an adviser at heart. With his experience in the industry and Intrinsic he’s is ideally placed to lead our wealth network."

Mr Fryett said: "Following on from the acquisition of Intrinsic by Old Mutual Wealth (now Quilter) in 2014 and the subsequent listing of Quilter on the London and Johannesburg stock exchanges earlier this year, it is a good time for me to take time out to seek new opportunities."

His departure is the latest in a string of resignations from Quilter’s leadership team as part of a business optimisation process which included a restructure of its executive team.

In October, Steve Braudo, the chief operating officer, left the company to pursue other opportunities while Martin Baines, chief executive of the company’s wealth management arm, Quilter Cheviot, also stepped down.

At the same time, Peter Kenny, who joined the firm in 2016 as managing director of Old Mutual International, was promoted to chief executive of the offshore business and in November the firm announced Tim Tookey, who was appointed chief financial officer of Old Mutual Wealth in April 2017, would leave the company in April.

The changes at the top of Quilter are the latest chapter in the company’s managed separation from Old Mutual and its listing as an independent company.

The former business known as Old Mutual Wealth listed on the London Stock Exchange on 25 June as Quilter.

Its group businesses include the Old Mutual Wealth platform, which will be rebranded Quilter Wealth Solutions, wealth manager Quilter Cheviot, financial advice network Intrinsic, Quilter Private Clint Advisers, offshore bond provider Old Mutual International, multi-asset fund manager Quilter Investors, and life assurance business Quilter Life Assurance.