Cavanagh co-founders Andy Fay and Simon Redgrove have left Close Brothers’ wealth management arm.
Redgrove and Fay founded national IFA firm Cavanagh in 1996 and joined Close Brothers when it acquired the advice business in 2011.
Cavanagh was then rebranded as Close Brothers’ own wealth advice service and has around 130 advisers. The deal, worth £26.2m, followed a float on the Aim market in 2005.
Close Brothers head of wealth in Scotland Andy Cumming will take over as national head of wealth management.
Close Brothers Asset Management chief executive Martin Andrew says: “Andy and Simon have played a major role in CBAM’s development over the past few years since our acquisition of Cavanagh in 2011. I would like to thank them for their hard work and contribution to our business and wish them well in the future.
“I am delighted that Andy Cumming, currently head of our wealth business in Scotland, will be taking over the national leadership of our personal advice business.”