A new managing director has been appointed at private wealth firm Nedbank after an “extensive search.”

The firm’s Private Wealth Board and shareholders announced the appointment of Stuart Cummins FCSI to replace retiring MD and executive head Greg Horton with the appointment effective this month. 
 
Mr Cummins’ CV includes senior roles with Cazenove Capital, C. Hoare & Co. and Barclays Wealth. Most recently, he was responsible for the portfolio management and wealth planning business at C. Hoare & Co. and was a member of the Executive Group and Investment Committee. He was also instrumental in the integration of C. Hoare & Co. into Cazenove Capital last year.
 
He is a Chartered Wealth Manager, Fellow of the Chartered Institute for Securities and Investments and a Fellow of the Chartered Institute of Bankers.
 

Iolanda Ruggiero, board representative and managing executive of Nedbank Wealth, in South Africa, led the search for Mr Horton’s successor.

She said: “I’m delighted to welcome Stuart to Nedbank Private Wealth. He has a wealth of experience and I am confident that his extensive track record of developing high net worth relationships and advice businesses across wealth management, private banking and corporate banking will stand him in good stead to further augment the international arm of Nedbank Private Wealth.”
 
Mr Cummins said: “I’m really looking forward to taking on this role at such an exciting time for the company. During Greg’s tenure as executive head, the business achieved impressive growth, combined with an award-winning focus on client service and advice. There are exciting times ahead as it progresses its 2020 vision programme, which will include the launch of an impressive array of technological improvements throughout 2018.
 
“Greg and I will work together with the board and the management team to ensure a smooth transition and I look forward to spending time meeting with clients, staff and our professional intermediaries over the coming months."
 
Ms Ruggierio said: “I would like to thank Greg on behalf of the board for his unwavering commitment, passion and dedication to Nedbank Private Wealth over the past 23 years. With a compounded annual growth in underlying profits of over 20% during the course of the last four years, and a recent Best 100 Companies listing to add to its already impressive collection of industry awards, he leaves the business strongly positioned for the future. 
 
“I wish Greg much happiness as he approaches this new phase of his life and would also like to express my gratitude for his support in ensuring a seamless transition for our clients and staff.”
 
Mr Horton added: “It has been a great privilege to lead Nedbank Private Wealth for almost a quarter of a century, but this is a perfect opportunity to hand over the reins. Stuart is an excellent fit for our business, both technically and culturally, and his role will be to carry forward this amazing international business across its chosen geographical and business sectors. He joins a loyal team of professional client-focused individuals, who provide stability, commitment and expertise to a strongly growing and equally loyal client base. I wish him every success.”