Wealth manager Utmost International has recruited in-house to appoint Karl Moore and Henry O’Sullivan as the chief executives of its Isle of Man and Ireland businesses.

The appointments follow the retirement of Mike Foy, who was chief executive of Utmost International Isle of Man for more than seven years.

Mr Foy will be replaced by Mr Moore, who is currently chief executive of Utmost International Ireland and is returning to the Isle of Man where he previously held the position of chief financial officer until December 2021. Before joining Utmost he held senior positions with Barclays Bank.

Mr O’Sullivan will succeed Mr Moore as chief executive of Utmost International Ireland having been chief financial officer of the business since 2018. 

Both men have extensive leadership experience and knowledge of Utmost, having previously held a variety of key positions across the group.

Mr O’Sullivan’s appointment has been approved by the Central Bank of Ireland. Mr Moore’s appointment, has been approved by the Isle of Man Financial Services Authority, but remains subject to regulatory approval by Utmost International Isle of Man’s other regulators.

Paul Thompson, Utmost Group chief executive, said: “The internal appointment of these positions highlights the calibre of our leadership and I have no doubt that their experience will play an important role in the future success of Utmost.

“I would like to personally thank Mike for his long dedication to the Isle of Man business, having spent 25 years with the entities that now form Utmost. During his tenure Mike has been at the forefront of transforming Utmost International and he leaves the business well positioned for future growth.”

Utmost Group has been on the expansion trail in recent years and acquired Quilter’s cross-border platform Quilter International in November 2021 for £480m to add to Utmost’s International arm.

Utmost Group’s principal businesses are Utmost International and Utmost Life and Pensions, which together hold more than £57bn assets under management for around 530,000 customers.

Utmost International provides unit-linked life assurance policies through a global network of intermediaries. It operates across the UK, Europe, Latin America, Asia and the Middle East.