Will Samuel becomes Tilney chairman, taking over from Mike Covell.

Mr Samuel, who in 2012 became a senior adviser to the Prudential Regulation Authority, has worked for over 35 years in the City and has held a number of non-executive positions.

After qualifying as a Chartered Accountant, Mr Samuel joined Schroders in 1977, initially in the Investment Management division. In 1986 he was appointed managing director of Schroders Investment Banking business and following its sale to Citigroup he was co-chief executive of Schroder Salomon Smith Barney. In 2004 he joined Lazard & Co. as vice chairman and from 2011 served as senior adviser.

Mr Samuel said: “I am delighted to have been appointed chairman of Tilney Bestinvest at an exciting time in its development. Following the integration of the Towry group last year, it is now a very significant business in the UK wealth management industry and is well positioned for future growth.”

Outgoing chairman Mr Covell said: “Will is highly respected in the City and brings a wealth of experience that will prove invaluable as the business faces the future with confidence. It has been an incredible experience serving as chairman these last six years and I wish Will, the management team and all the staff every success.”

Peter Hall, chief executive, said: “I would like to say a big thank you to Mike for his service as chairman over the past six years. This has been a period of major growth and development for the group, seeing the creation of a leading investment and Financial Planning business offering the highest levels of personal and professional service. We are very fortunate to have Will as our incoming chairman, who will bring huge experience and expertise to our business.”