Former Principal Investment Management chief executive Hugh Titcomb (pictured) is to exit the firm.
The news comes after Principal parent Sanlam opted to merge the firm with its other wealth subsidiary Merchant Securities under the Sanlam Private Investments UK (SPI) name in September.
Titcomb joined SPI UK in April 2009 as group CEO following its acquisition by Sanlam, before taking up his current role as vice chairman earlier this year. He will leave the business at the end of 2012.
Commenting on the news, SPI UK chairman Daniël Kriel said: ‘Under Hugh’s leadership the business has seen significant development, including the acquisition of the Border Asset Management and Iain Nicholson Investment Management businesses, and assets under management have increased from some £760 million in April 2009 to in excess of £1.9 billion today.
‘Hugh’s contribution is highly valued and he leaves the business with our heartfelt thanks and very best wishes for the future.’
Titcomb added: ‘I am immensely proud to have been part of the development of the SPI UK business over the past three and a half years and wish Daniël and Craig Massey, the recently appointed CEO, every success as they continue to build the business going forward.’