Stockton (pictured), who has been group finance director for almost a decade, will now oversee the day-to-day running of Rathbones’ discretionary arm but will continue to report to group CEO Philip Howell.
He will continue to serve as an executive director on the boards of Rathbones IM and parent company Rathbone Brothers.
The new role of managing director will sit on the board alongside CEO Howell and the new group finance director, bringing the total number of executive directors on the board from two to three.
Howell explained that a new role needed to be created to deal with the “increasing complexity” of running Rathbones IM, which he said has grown considerably.
Howell said: “The considerable growth in the Rathbones IM business in recent years has also brought increasing complexity, so the board and I felt that it was an appropriate time to create this additional role to strengthen the executive team as the business continues to grow.
“Paul has made a huge contribution to Rathbones as group finance director and we believe this new role will benefit greatly from his knowledge of both the business and the external market.”
Rathbones IM said a process has been put in place to identify and recruit a successor as group finance director.
Until a replacement is found, Stockton will continue his responsibilities to ensure a smooth transition.
Stockton said: “In my 10 years at Rathbones, I have learned a great deal, and I very much look forward to continuing to work closely with Philip and supporting our very talented investment teams as we continue to deliver a quality service to our clients.”
The firm confirmed that Mike Webb will remain CEO of Rathbone Unit Trust Management, which reported £5.3bn funds under management (FUM) at 31 December 2017.
Rathbones reported £39.1bn FUM, of which £33.8 billion was managed by its discretionary arm.
Stockton’s appointment as managing director is subject to regulatory approval.
