UK-based discretionary investment manager Waverton has named Michael Allen as its new COO, succeeding Mark Harrison who held the role since 2016.

Moreover, Allen worked in a consultancy role for the past year.

In the new role, Allen will devise the business strategy and policies of the firm as well as manage operations teams.

Allen most recently served as the COO for London, Dublin and Dubai at Lazard Asset Management.

In his financial career of more than three decades, he also served as the COO of Augustus Asset Management and head of fixed income administration at GAM.

Referring to Allen, Waverton Investment Management chairman David Rosier said:  “His experience will be invaluable as we continue to grow the firm and maintain the highest levels of client service.

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“We are grateful to Mark, who has done a sterling job guiding Waverton’s operations during a time of regulatory upheaval, including the new MiFID II requirements, and implementing Waverton’s award winning client digital service.

“We are pleased that he will remain with us on a retained basis while he oversees the completion of several projects.”

Waverton managed around £6bn in assets at the end of June 2019. The firm caters to private individuals, trusts, charities, and institutions.