Mr Grant will become executive chairman of Fidelius and pass on the day-to-day running of the business to chief operating officer Ian Fowler.

Sӧderberg says Mr Grant will continue his involvement with Fidelius, overseeing leadership and governance at the firm and will be responsible for communications with shareholders.

At the same time, Fidelius chairman Mike Bennett and non-executive director Graham Miller are stepping down from the Fidelius board.

Mr Grant said: “I am delighted that the FCA has now approved our application and, with Sӧderberg’s support and expertise, we can now put in place the exciting plans we have devised to deliver our next stage of growth.

“I would like to congratulate Ian Fowler on his progression to the role of CEO. He has the skill, drive and determination to lead Fidelius on the next stage of our journey. Ian’s focus will be on ensuring we have a clear vision and strategy for growth. I also thank Mark Bennett and Graham Miller for their sage advice and contribution to Fidelius over the last few years.”

Gustaf Rentzhog, chief executive at Söderberg & Partners, said: “Fidelius is a business with significant upside potential. With a strong brand and an exceptionally experienced management team, I have no doubt that this already successful and growth-oriented business will go from strength to strength.” 

The FCA has approved the investment in Fidelius from Swedish wealth manager Söderberg & Partners. The stake was announced in January but the size of the stake, acquired for an undisclosed sum, has not been disclosed.

Söderberg & Partners, one of the Nordic region’s biggest wealth managers, has expanded rapidly in the UK in recent years. It says it has “ambitious growth plans” for Fidelius and aims to double the size of its business within the next five years. It plans to this through IFA acquisition and a partnership model for individual advisers.

Fidelius Group has £1.75bn under advice and 158 employees based at its offices in Bath, Chelmsford, Cheltenham, Mansfield and London. Fidelius has been on the expansion trail in recent years and in 2020 it acquired two Financial Planning businesses from Pacific Asset Management (PAM) in a swap deal. PAM’s Financial Planning firms Chartered Financial Management and Zen Wealth LLP became part of the Fidelius Group. 

In November 2022 Fidelius Group moved into new headquarters at a landmark office building at No 1, Bath Quays, Bath.

Recently Söderberg & Partners announced it had purchased stakes in London wealth manager Vintage and Croydon-based PK Financial. Last year the Swedish financial adviser took a majority stake in Timothy James & Partners and minority stakes in Cambridge-based Dartington Wealth Management, Generation and Atherton York in North London.

The Swedish firm entered the UK adviser market in 2023 and aims to partner with up to 1,000 financial advisers in the UK within five years. Söderberg & Partners was founded in Sweden 2004 and has more than 4,000 employees in 110 offices in Sweden, Norway, Denmark, Finland, the Netherlands, Luxembourg and Spain, and more than £60bn in assets under management and advice.