UK-based Seven Investment Management (7IM) has poached Dean Proctor from Barclays to serve as its new CEO.
Proctor succeeds Tom Sheridan, who will retire following a 17-year stint at the firm.
Sheridan was also the firm’s co-founder.
Under his supervision, the firm’s assets under management grew to £14bn.
He will remain at the firm in an advisory capacity.
“7IM has been a great experience and I am proud to be leaving the business at this time with a great range of clients and the strongest management team it has ever had,” Sheridan noted.
Proctor will assume the new responsibility on 8 April 2019. The appointment is pending regulatory nod.
At Barclays, Proctor was the managing director with responsibility for leading the unsecured lending business in the UK.
In his 25-year long financial career, he also worked as executive general manager for the Commercial Bank of Qatar and CEO of Arbuthnot Latham.
Commenting on Proctor, 7IM chairman Ian Owen said: “We are confident that he will bring a valuable external perspective which, together with our experienced management team, will enable us to meet our clients’ expectations and to drive further growth in our business.”
The appointment comes shortly after 7IM’s announcement to reduce fees for its HNW clients and family groups.
Last October, 7IM appointed Martyn Surguy as its new CIO.
The firm has also been in the news last year for its acquisition of Tcam Asset Management, an Edinburgh-based discretionary asset manager.