Ms Lake has served as chairman of the firm for five years, having previously spent four years on the board.

She will leave the firm after its AGM on 29 October.

The wealth manager and SIPP provider has yet to announce her replacement but said its nominations committee has started the selection process.

A Chartered Accountant, Ms Lake has over 30 years’ experience in accountancy and investment banking, including with Panmure Gordon, Evolution Securities, Williams de Broë and Price Waterhouse. 

Ms Lake said: “I have now served on the Board of Mattioli Woods for nine years, including as Chairman for the last five years, and this is my last statement before I will step down at our forthcoming AGM on 29 October 2021.

“When I joined the Group on 31 July 2012, Mattioli Woods was one of the smaller wealth management companies on the AIM Market with a share price of 132p and a market capitalisation of £33m. Since then, as a team, we have taken the Group on a journey of transformation and growth, always centred around serving the needs of our increasing number of clients. We have added to our range of products and operating segments, enhanced our systems and processes and developed our compliance and governance structures. 

“We have acquired 29 businesses over this period adding expertise to our consultancy, investment and asset management and administration teams and expanding our geographic reach across the UK.

“This last year has been a particularly significant period in the development of the Group, as we have continued to grow our client base organically and have delivered compelling acquisitions on a major scale together with a substantial £112m fundraise. We have also strengthened and expanded our Board, bringing together an experienced team with the expertise to lead the Group into the next phase of its development.”

Mattioli Woods has expanded its board during the course of the last financial year. In January 2021 the wealth manager and SIPP provider appointed three new independent non-executive directors: David Kiddie, Edward Knapp and Martin Reason.

The firm also made several board-level executive appointments. Ravi Tara joined as CFO in February 2021, Iain McKenzie, as COO in May 2021 and Michael Wright, as group managing director in June 2021.