Marc Bulstrode has held senior positions at Barclays Wealth and Skandia/Old Mutual and was most recently head of change and business management for the UK business at Fidelity.

Mr Bulstrode will be responsible for developing the service delivery to all Cofunds’ retail and institutional clients, as well as via the Legal & General Investor Portfolio Services platform.

He will also join the Cofounds Limited Board, subject to FCA approval.

David Hobbs, chief executive, said: “It is great to have someone of Marc’s calibre in our team and sharing his ideas at our top table. His experience strengthens our leadership team and underlines our commitment to our customers in improving their experience of dealing with us.”

Mr Bulstrode said: “As the biggest platform there is with multiple channels to market, Cofunds has long been in my sights as a potential career move.

“I am therefore delighted to have the opportunity to play my part in driving a better experience for intermediaries and, in turn, helping them provide a great service to their investor clients.”

Cofunds said it has assets under administration of over £73.1bn.