Rathbones chief executive Paul Stockton (pictured) will retire in September after leading the firm since 2019, with Capstone president Jonathan Sorrell set to take his place.
Stockton has been at the firm since 2008 when he first joined as group finance director, before becoming managing director of Rathbone’s asset management branch in 2018.
In his six years as chief executive, Stockton led the firm’s merger with Investec Wealth and Investment in 2023, increasing their combined funds under management to £100bn.
He said it was “an honour and privilege” to serve as the firm’s head, adding that Rathbones has been “a big part of my life”.
Stockton will provide handover support to his successor until the end of the year, with Sorrell continuing the firm’s growth strategy.
“With the support of the board and a talented group executive team, we have laid strong foundations to support the next phase of growth for the group.” Stockton said.
“All remain fully committed to deliver on our strategy. Jonathan brings many strengths to the group, and I very much look forward to working with him to ensure a successful transition.”
Sorrel joins from US derivatives firm Capstone Investment Advisors, which he has been president of since 2020.
Before then, he spent eight years as president of Man Group and 13 years as managing director of Goldman Sachs.
Of his new role, Sorrell said: “It’s a true honour to lead what is a great business with a highly talented executive team supporting over 110,000 clients to secure their financial futures.
“With that comes a great sense of responsibility to ensure Rathbones continues to succeed and deliver for our clients and, as a result, for our people and shareholders.”
Rathbones chair Clive Bannister welcomes Sorrell to the firm and thanked Stockton for his 17 years of service.
“In an excellent field of potential candidates, his investment background and experience combined with his energy, ambition and a clarity of strategic thinking stood out to the board,” he said.
“The board and I look forward to working with Jonathan to ensure that Rathbones continues to deliver on its enormous potential for our clients, shareholders and people.
“I would like to take this opportunity to pay tribute to the outstanding contribution that Paul has made to Rathbones. He has worked with great passion, energy and commitment to make Rathbones the leader in Wealth Management across the UK.”