Brown Shipley CIO Peter Botham is stepping back as CIO to take on a newly created role as head of investment for the firm's adviser proposition.

The private bank is looking to expand its presence in the adviser outsourcing market. Through the new role Botham (pictured) will develop the firm's offering for advisers.

Kevin Doran will succeed Botham as CIO, assuming responsibility for the investment policy committee and in-house fund management. Doran will also continue to manage the Brown Shipley Sterling Bond fund.

Ian Sackfield, CEO of Brown Shipley, commented. 'The IFA market offers huge potential for Brown Shipley and Peter has the right experience to further develop our offering and aid winning more business via IFAs.

'I would like to thank Peter for the huge progress Brown Shipley has achieved under his guidance as CIO over the last seven years and I welcome the appointment of Kevin Doran into this role given his proven track record at Brown Shipley.'

Over the three years to the end of January, Doran has posted a 26.07% return with the Sterling Bond fund versus a 28.3% rise by the BofA Merrill Lynch Sterling Corporate Bond index, according to Lipper.