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Wealth boutique CEO takes leave of absence

Wealth boutique CEO takes leave of absence

European Wealth has announced that company chief executive John Morton (pictured) is to take 'an agreed leave of absence' with immediate effect. 

Marianne Ismail, who is a non-executive director of the group, will take over as CEO on an interim basis. 

In an announcement, the company did not elaborate on the reason for Morton's leave of absence but said would make a further announcement concerning his position 'as soon as practicable'.

Ismail has been on the board since December 2015 and previously worked as managing director in Morgan Stanley's asset management business. 

She has also served as CEO of Citigroup's European wealth management and was Standard Chartered's head of private banking in Europe, Middle East and Africa. 

Over the last year European Wealth has been on a global expansion drive. Back in June the firm signed a memorandum of understanding with a financial advisory firm in Singapore. 

Although Morton would not reveal the name of the company, he told Wealth Manager the move was 'strategically very important' as the firm targets new regions. 

The deal followed the opening of a South African office in April after acquiring a £120 million client bank from Towry Asset Management.

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