Devey has been appointed chief executive, subject to regulatory approval, with Fisher stepping down after eight years in the role. He joined the company in 2004 as chairman.
Towry recently appointed former Northern Rock boss Ron Sandler as executive chairman.
Fisher says: “Having led the growth of the company from a small local firm to a highly profitable national business which today employs 750 people, managing in excess of £5.5bn assets under management, I am confident the company is well positioned to continue its leadership of the sector.
“I will be leaving Towry with a strong management team and in excellent financial and operational shape for further success in 2014 and beyond. I look forward to continuing my career in the wealth management sector.”
Devey says: “I am very excited to take over as chief executive of Towry. Towry is a great business and I look forward to leading its next phase of development. The company is well placed to further increase its scale whilst continuing to deliver an outstanding service to its clients.”
Devey left his role as Pru UK chief executive in October, after former Standard Life chief financial officer Jackie Hunt joined the insurer to lead its UK and Europe division. He received a total pay package worth almost £3.5m in 2013, with £2.5m paid through bonuses and the insurer’s long-term incentive plan.
When he left Devey took on a non-executive director role at Octopus Investments.