Mr Hambi will leave Quilter’s multi-asset business at the end of the year. He said that a family illness led to his decision to step down.

The firm has yet to appoint his replacement.

Mr Hambi oversees Quilter Investors’ portfolio management team. He does not have any direct responsibility for running portfolios.

Mr Hambi was previously head of Standard Life Investment’s MyFolio range before becoming head of multi-manager strategies at Aberdeen Asset Management when the asset management firms merged in 2017.

He also held multi-manager roles at Gartmore and Rothschild Asset Management.

He joined Quilter in November last year.

He was originally recruited to replace Paul Simpson as CEO of Quilter Investors but took the role of CIO following restructuring at Quilter. 

He said: "Due to change of personal circumstances including family illness over the past year, I have had to reassess my priorities and I have taken the difficult decision to retire at the end of this year to spend more time with my family.

"I have thoroughly enjoyed my time at Quilter Investors and the wider Quilter group. It is a business starting to unleash its growth potential and I will continue to watch its progress with interest."

Steven Levin, CEO of Quilter Investors, said the recruitment of a successor for Mr Hambi is at advanced stage with an announcement expected in the near future.

Parent company Quilter re-structured its business this month, shifting focus towards high net worth and affluent clients.

The firm announced the reorganisation along with its third quarter results. 

Paul Feeney, CEO of Quilter, said the reorganisation of the firm is part of plans to drive growth and efficiency across the business.