Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Head of wealth management exits Close Bros

Head of wealth management exits Close Bros

Andrew Fay, head of wealth management at Close Brothers Asset Management, has left the firm.

Fay joined Close Brothers in April 2011 after it acquired Cavanagh, of which Fay was chief executive.

Cavanagh was an AIM-listed firm of independent financial advisers, comprising eight offices and 60 advisers, looking after £2 billion of private client and corporate assets. Close paid £26.2 million to purchase the group.

Fay's responsibilities will be taken up by Andy Cumming, currently head of Close's wealth business in Scotland.

Departing alongside Fay is Simon Redgrove, a co-founder of Cavanagh.

'Andy and Simon have played a major role in Close Brothers Asset Management's development over the last few years since our acquisition of Cavanagh in 2011,' commented Martin Andrew, chief executive of Close Brothers Asset Management.

'I would like to thank them for their hard work and contribution to our business and wish them well in the future. I am delighted that Andy Cumming, currently head of our wealth business in Scotland, will be taking over the national leadership of our personal advice business.'

Cumming added: 'I believe that financial planning has the opportunity to become a true profession alongside the legal and accountancy professions. With our scale and the strength of our people, brand and capabilities in both advice and investment management we aim to be the market leader in providing a preeminent, national financial planning and wealth management service. I am very excited about my new role helping to bring this to fruition.'

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Where A-rated Pattullo is finding the best bond opportunities

Where A-rated Pattullo is finding the best bond opportunities

Henderson Global Investors head of retail fixed income explains how he is managing his fund against the surprise current monetary policy divergence.

1 Comment Play Taxicab Tenner: Allianz Global Investors' AA-rated Simon Gergel

Taxicab Tenner: Allianz Global Investors' AA-rated Simon Gergel

Our much anticpated new series is here! We hand a black cab driver a tenner and grill the manager of the 125-year Merchants trust until the meter runs out.    

Play Europe bulls, a retail boost and why a little inequality can be a good thing

Europe bulls, a retail boost and why a little inequality can be a good thing

This week’s Investment Pulse looks at whether investors should be bullish on Europe, the surprise rise in UK retail sales and if a little inequality is a good thing.

Your Business: Cover Star Club

Profile: meet the duo at the heart of Hargreave Hale's succession plan

Profile: meet the duo at the heart of Hargreave Hale's succession plan

For the first time in the company's history a non-Hargreave is now at the head of the north west broker and asset manager

Wealth Manager on Twitter