Barclays managing director Dean Proctor will soon head up Seven Investment Management as co-founder and chief executive Tom Sheridan is set to retire after 17 years with the firm.
The firm which launched as a discretionary fund manager in 2002, currently has £14bn in assets under management and also provides technology and service solutions.
7IM says Sheridan will continue to be involved in an advisory capacity during the transition to Proctor.
Sheridan says: “Over the years it has been my pleasure and privilege to work with many of the leading UK advisory firms. I have seen many of these firms go from strength to strength and hope that 7IM will be able to continue supporting their growth.”
Proctor says he will be focusing particularly on building relationships with the advisers and clients that use 7IM services as he takes on the head role.
7IM is also set to cut platform fees for clients on its platform for assets over £2m from next Monday.