Mike Balfour, who has been in the job for five years, will leave the business at the end of January but will stay in the role while a successor is found.

Mr Balfour describes himself on his LinkedIn profile as a “qualified chartered accountant with 30 years investment management experience” and he has sat as an executive and non-executive director on a number of boards.

Bruce Kesterton, chief executive officer & executive director, Thomas Miller Group and chairman of Thomas Miller Investment, said: “Thomas Miller Investment advises that Mike Balfour has resigned his position of Chief Executive and will be leaving at the end of January 2016.

“Mike joined Thomas Miller Investment in July 2009, initially as CIO, and has been CEO for nearly 5 years. He has been instrumental in creating and developing a solid business platform for the business, which is set fair for the future. We are very grateful to Mike for his enormous efforts over the last five years and wish him all the best in the future.

“The process to recruit a new CEO has begun and Mike has agreed to continue his role and manage the business while a replacement is secured.”

Mr Balfour said on LinkedIn: “I am about to stand down as the CEO of Thomas Miller Investment and wish to explore non-exec and advisory roles.”

Although a reason has not been stated for his departure, The Scotsman recently reported Mr Balfour saying that it was time for a change after commuting from Scotland to London for seven years.

TMI is part of the Thomas Miller Group, which was founded in 1885 and employs over 600 people across four continents.