Justin Urquhart Stewart will be retiring from Seven Investment Management in January and stepping back from his full-time position at the firm.
7IM said he will continue to represent the firm both as an ambassador and adviser to the business.
Urquhart Stewart (pictured) was the last of the seven founders standing at the wealth manager. CFO Charles Sparrow and COO Phillip Bungey both exited the firm in Q3, while top boss Tom Sheridan was out the door in March.
7IM said in a press release that Urquhart Stewart had been integral in transforming the business from a “fledgling investment management company” in 2002 to one that employs 300-plus employees with over £14bn of assets under management.
Urquhart Stewart was responsible for launching the first multi-manager funds in the market, the statement said, and was the driving force behind 7IM’s AAP passive multi-asset funds, its 7IMagine app and more recently 7IM’s retirement income service and low cost Pathway Model Portfolios.
‘The next chapter of 7IM’s history’
Urquhart Stewart said he was delighted to continue on in an ambassadorial capacity and was excited for current CEO Dean Proctor and the wider team “to write the next chapter of 7IM’s history”.
“Over the last two decades it has been a great privilege to watch 7IM grow from an idea to a dynamic business looking after over £14bn worth of assets for its clients,” he said. “As I take this next step, I do so in the comfort of knowing we have a highly capable and experienced senior management team in place who will be able to take the business forward.”
Proctor added: “Justin is one of the most respected and recognised industry figures so we are delighted that we are still able to retain his knowledge, expertise and counsel within the business.
“His advice will be pivotal as we continue to grow and innovate, and we have invested in bringing fresh and diverse talent into the business, creating a new generation ready to step into Justin’s shoes – if not his red braces.”
String of senior departures
In addition to the trio of founders, 7IM has seen a string of senior departures this year following “a wide strategic review” as it beds down its merger with Scottish manager Tcam.
The DFM’s head of marketing Jane Routledge quietly left the business over the summer as Chris Phillips joined as the firm’s chief client officer.
Portfolio managers Damian Barry and Simon Moore exited earlier this year, as well as head of wealth management Alexander Rentoul Montgomery.
