Close Brothers Asset Management is on the hunt for a new chief executive as Martin Andrew prepares to depart after 13 years at the helm.
In a press release, CBAM said Andrew was leaving to “to pursue the next stage of his career”. The search for a successor is “well underway” and an announcement will be made in due course, the business said.
Andrew joined CBAM in 2005 as head of wealth management before becoming head of the Close Brothers’ division three years later. He will remain at CBAM until spring 2022 to ensure a smooth succession.
Close Brothers chief executive Adrian Sainsbury said he had been discussing succession planning with Andrew for some time. “I would like to thank him for giving us time to ensure we could plan for a smooth transition.”
Sainsbury added: “We will miss his strategic thinking and his ideas. Martin has built a high quality business with an excellent team at CBAM and he will leave a significant and lasting legacy behind him.”
Before CBAM, Andrew, who has an economics degree from Leicester University and an MBA from Harvard Business School, worked at across a number of roles at Merrill Lynch Investment Managers (MLIM) before heading up its European private client business.
Andrew said: “It has been a privilege to lead CBAM and serve our clients over many years and I am proud of what the team has accomplished. I will leave with a strong fondness towards Close Brothers and I am committed to a smooth handover to my successor in due course.”
Last month, CBAM announced its head of funds Riitta Hujanen would be leaving the business. Hujanen is being replaced by former Aviva Investors global equities manager Giles Parkinson.
See also: Aviva Investors global equities manager jumps ship to CBAM as funds boss exits
Close Brothers’ update reveals no surprises on the upside
News of Andrew’s departure came as Close Brothers announced a trading update for the quarter ended 31 October, which noted good growth momentum in CBAM and strong performance in banking. Additionally, volumes of share trades at the group’s market maker, Winterflood, were getting closer to pre-pandemic levels, the update said.
CBAM enjoyed annualised net inflows of 8% taking managed assets to £16bn and total client assets to £17.4bn, compared to £15.6bn and £17bn respectively at the start of the quarter.
Hargreaves Lansdown Select fund manager Steve Clayton said although there was nothing in the update to surprise on the upside, Close Brothers is a “great business with stacks of capital” and the ability to pay attractive dividends year after year whilst funding its own organic growth. “The shares are a touch higher this morning, against the backdrop of a moderately weak FTSE100.”
Sainsbury also discussed Close Brothers’ responsibility to the environment in the update. He said the business was on target to be operationally net zero by 2030 and was focusing its attention on its indirect carbon emissions, under Scope 3.
