Close Brothers Asset Management’s wealth management head Andrew Fay has quit the firm.
Fay will be replaced by Andy Cumming, currently head of Close’s wealth business in Scotland.
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Additionally, Simon Redgrove, a co-founder of Cavanagh,has also left the firm.
Previously, Redgrove and Fay founded IFA firm Cavanagh in 1996 and joined Close Brothers when it acquired the advice business in 2011. Fay served as chief executive of Cavanagh, while Redgrove was managing director.
Martin AndrewCEO of Close Brothers Asset Management, said: ‘Andy and Simon have played a major role in Close Brothers Asset Management’s development over the last few years since our acquisition of Cavanagh in 2011."
Cumming said: "With our scale and the strength of our people, brand and capabilities in both advice and investment management we aim to be the market leader in providing a preeminent, national financial planning and wealth management service."
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