He will succeed Martin Andrew who has worked for the group for 16 years.

Mr Reynolds has over 30 years' experience in fund and wealth management and has held a number of executive roles at Standard Life Aberdeen, most recently as managing director of Standard Life Savings. 

Earlier in his career he was head of investment at Lloyds Private Bank and previously held a number of senior roles at Aegon Asset Management and Scottish Widows Investment Partnership.

He will take up his new position on 7 March. 

Adrian Sainsbury, chief executive of Close Brothers said: “I am delighted to announce the appointment of Eddy Reynolds as the next chief executive of CBAM. He brings outstanding experience and knowledge and will lead a talented team through the next stage of CBAM’s development.”

“On behalf of the executive committee and the board, I would like to thank Martin for his significant contribution to the group during his 16 years at CBAM and wish him the very best for the future.”

Mr Reynolds said: "I look forward to joining the group and playing my part in the continuing development of a distinctive wealth management business like CBAM, building on the impressive position established over the past years.”