She replaces Karin Cook who is set to retire at the end of this year.

Ms Houlston will join Quilter on 2 September to allow for a smooth handover.

She joins the firm from RBC Brewin Dolphin where she was chief operating officer.

With over 35 years of experience, Ms Houlston’s career also includes operational and transformational roles at the executive committee level with the Royal Bank of Scotland.

Steven Levin, CEO of Quilter, said: “Sarah’s substantial experience, along with her successful track record of creating a clear operational vision, leading a high-quality and sustainable operational service capability, and delivering strategic change, will be of great value to our aspirations for our change and operations functions.

“I would like to thank Karin for her significant contribution to the overall success of the business since she joined in 2019. Karin’s dedication and expertise have been invaluable, and her strong stance on customer-centricity and efficiency are things that we will continue to drive through our business.”

Ms Houlton added that her past experiences would bring “new perspectives to help Quilter deliver on its ambitions and make a difference to the generations we serve”.

Quilter had a challenging year in 2023, with third quarter core business net inflows of just £1m compared to net inflows of £324m in the corresponding period of 2022 amid "challenging" market conditions.

The company said there were signs some clients were withdrawing savings, rather than topping them up, to keep up with soaring living costs.

Quilter plc oversees £111.6bn in customer investments (as at 31 March 2024) and has two key brands: Quilter and Quilter Cheviot.

Quilter includes the restricted advice Financial Planning businesses, Quilter Financial Planning, the Quilter investment platform and Quilter Investors, the multi-asset investment solutions business. Quilter Cheviot includes the discretionary fund management business, Quilter Cheviot, together with Quilter Cheviot Financial Planning.