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European Wealth chief exits week after taking leave of absence

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European Wealth chief exits week after taking leave of absence

European Wealth chief executive John Morton will not be returning to the firm. 

Last week the wealth and advice group said Morton (pictured) would be taking leave of absence for an indefinite period. 

In an announcement posted on the London Stock Exchange this morning, the firm confirmed that Morton will not be resuming his post. 

Marianne Ismail, who took up the chief executive role on an interim basis in Morton's absence, will now take the job on a permanent basis. 

Morton was instrumental in establishing European Wealth in 2010. He was appointed chief executive in August 20016 and his departure means the company no longer has any founders serving on its board. 

Under Morton's watch, the firm built assets to £1.7 billion and established offices in five offices across the globe. 

Ismail has been a non-executive director at European Wealth since December 2015.

Her CV includes as spell as managing director of Morgan Stanley's Asset Management business in London and New York and chief of global wealth management Europe at Citigroup. She also had a spell as head of private banking for Europe, Middle East and Africa for Standard Chartered Bank. 

'European Wealth is grateful to John for the vision, hard work and dedication which he has put into successfully growing the Group over the last 7 years,' the firm's chair Buzz West told the market. 

'While we are sorry to see him leave, we are also excited about the future.'

The news comes after European Wealth delivered interim results earlier this week, which showed losses had widened from £500,000 to £800,0000 in the six months to the end of June. 

The business, which tapped outside investors for £9.8 million in new equity in June to pay down debt, attributed this to higher funding costs, as well as an unspecified £309,000 one-off cost.

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