British wealth management firm Quilter has announced that its incoming chair Glyn Barker has resigned from the company’s board.

Barker, who was expected to assume his new role in September this year, took the latest move due to personal reasons, said the company.

With Barker’s exit, Ruth Markland will continue as the interim chair of Quilter, while Tim Breedon will become the senior independent director at the firm.

Markland said: “While we are disappointed by Glyn’s decision, we very much understand his personal reasons for making it. We thank Glyn for his contribution to the Board over the last several months and he leaves with our very best wishes.

“I am looking forward to continuing as Chair of Quilter and thank my Board colleagues for their support and confidence.

“I have tremendous faith in Quilter and our management team, led by Steven and Mark, and look forward to delivering on our potential and achieving good outcomes for all stakeholders in the coming years.”

Currently, Quilter is said to handle more than £100bn of investments for over 900,000 clients.

Breedon said: “I share Ruth’s disappointment at Glyn’s decision but similarly understand his reasons and wish him the very best.

“On behalf of the Board, I would like to extend our thanks to Ruth for agreeing to continue her Chairmanship of Quilter.

“She has provided excellent leadership since becoming Chair after our last AGM and has made an invaluable contribution to the Board and broader Company since our Listing in June 2018.”