Towry chief Andrew Fisher is to leave the firm, with Prudential UK head Rob Devey taking over his role.
Devey has been appointed chief executive, subject to regulatory approval, with Fisher stepping down with immediate effect. He leaves after an 8-year stint at the helm of the firm.
The news comes as Towry reported a 14.4% rise in assets to £5.6 billion in 2013. Operating profit was flat on 2012 at £11.8 million. Earnings before interest taxes depreciation, and amortisation (Ebitda) rose to £24.8 million, up slightly from £23.5 million in 2012. Over the course of the year Towry completed five acquisitions, including Bluefin Personal Consulting.Fisher reflected: 'Having led the growth of the company from a small local firm to a highly profitable national business which today employs 750 people, managing in excess of £5.5 billion in assets under management, I am confident that the company is well positioned to continue its leadership of the sector.
'I will be leaving Towry with a strong management team and in excellent financial and operational shape for further success in 2014 and beyond. I look forward to continuing my career in the wealth management sector.'Devey added he was looking forward to overseeing the next stage of Towry's development.