Quilter Cheviot’s chief executive David Loudon is to retire from the firm at the end of June.
Former chief executive, Martin Baines, who was at the helm of the investment manager from 2003 to 2015, will return to the role on 1 July.
Baines has been working as chief investment director at Old Mutual Wealth since he stepped down from the CEO role.
Quilter Cheviot, part of Old Mutual Wealth, says Loudon will remain at the firm in an advisory capacity.
Loudon says: “After a career spanning almost 40 years in investment management and stockbroking, I have decided the time is right to retire from my CEO responsibilities.
“I am immensely proud of the journey we have been on since I joined the firm in 1993. I am delighted that it is not ‘goodbye’ and I look forward to continuing to support this incredible business in an advisory capacity.
“I will step down from my role knowing that Quilter Cheviot will be led by Martin and our highly experienced leadership team and that, working together, they will continue to grow a business that puts its clients at the heart of all it does.”
Baines says: “David has worked tirelessly for Quilter Cheviot in building a substantial business and I pay tribute to his loyalty and dedication as our firm has grown into a peer leading business in the investment management sector.
“We have worked together for the last 23 years and I thank him for his support and leadership of Quilter Cheviot. I am delighted David has agreed to stay on in an advisory capacity.”