He will continue with the firm for “a further period” before formally leaving however. He has been with the company since 1999 and served on the board since 2012.
The statement coincided with a trading update from the firm in which it reported total funds under management and administration at 31 March had fallen 3.8% from a year before to £20.5bn.
Revenues from continuing operations for the year ended 31 March decreased by 3.3% to £136.3m, while total revenues were down by 5.4% to £141.5m over this period.
Discretionary funds under management crept up to £9.4bn from £9.3bn a year ago, but advisory managed funds dipped to £2.6bn from £3bn.
Chief executive Paul Abberley said: “Despite the challenging trading conditions and volatile markets experienced during the second half of the financial year, the level of discretionary funds has remained stable and investment management fees have grown marginally.”
“The focus from management continues to be on the implementation of the group’s turnaround strategy, where progress has been made in a number of areas, and we remain confident in our long term prospects,” Abberley added.
