The current head, Steve Mendel, will leave the firm on 15 July having been with Close AM for just two years. Prior to this he was the financial services director at auction house Christie’s, a director at Barclays Wealth, an associate principal at McKinsey and an actuary with Aon Consulting.
Fay is the former chief executive officer at Cavanagh, the firm Close AM took over in April this year for £26.2m. At the time, he was appointed head of wealth management business development.
The move for Cavanagh followed the acquisition of Chartwell in September 2010 for £17m and, in February, 2011, a £5.6m purchase of the Allenbridge Group.