Ashcourt Rowan's Christopher Jeffreys and Mark Smith have decided to stand down from their roles, having addressed the regulator's legacy concerns within Savoy Investment Management.
Jeffreys served as the wealth manager's chief executive officer of asset management and Smith as its head of compliance. The pair had been tasked with sorting out the Financial Services Authority's suitability concerns with Savoy after it was fined £412,000 earlier this year.
'This has been a huge commitment and now we are reaching the end of this journey they have decided to resign,' said Jonathan Polin, Ashcourt Rowan's group chief executive officer.
Polin will assume Jeffreys' role, acting as his interim replacement. Jeffreys has decided to remain with Ashcourt Rowan, which recent brought high-net worth unit Savoy under its banner, but go back to managing his clients' assets.
Smith has decided that after 15 years it is time to leave the firm.
'Mark will move on to different challenges but has agreed to continue to work during the next six months to aid the transition of his duties,' Polin (pictured) said.