He will however continue to act as an adviser to the business, which is part of Old Mutual Wealth.
Martin Baines, who was CEO of Quilter Cheviot from 2003 to 2015, will resume responsibility for leading the business from 1 July.
Baines will be tasked with providing continuity as Old Mutual Wealth splits from its parent company as part of Old Mutual plc’s managed separation.
He will continue to be a member of the Old Mutual Wealth executive committee, reporting to Old Mutual Wealth CEO Paul Feeney.
The news follows the announcement this past Monday that founding partner of Cheviot James Beck is leaving the company to join James Hambro & Partners.
Loudon said: “After a career spanning almost 40 years in investment management and stockbroking, I have decided that the time is right to retire from my CEO responsibilities. I am immensely proud of the journey we have been on since I joined the firm in 1993. I am delighted that it is not ‘goodbye’ and I look forward to continuing to support this incredible business in an advisory capacity.”
“I will step down from my role knowing that Quilter Cheviot will be led by Martin and our highly experienced leadership team and that, working together, they will continue to grow a business that puts its clients at the heart of all it does,” he added.
“David has worked tirelessly for Quilter Cheviot in building a substantial business and I pay tribute to his loyalty and dedication as our firm has grown into a peer leading business in the investment management sector,” said Baines. “We have worked together for the last 23 years and I thank him for his support and leadership of QC. I am delighted that David has agreed to stay on in an advisory capacity. I look forward to working with him and continuing to receive his valued wisdom and guidance.”
