The chairman of wrap platform Ascentric will exit after 10 years at the firm, it has been revealed today.
Hugo Thorman, who joined the IFP corporate member firm in 2005, is leaving as the firm concludes the sale of its remaining minority shareholding to Royal London, which has held a majority stake in the business since 2007.
A statement from Royal London read: "Hugo has decided this is a good time to leave the business and pursue opportunities elsewhere."
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Mr Thorman said: "Since I joined the business in 2005 it has grown dynamically to over £8.5 billion assets under administration, and I feel confident that I am leaving a solid business in capable hands and one which can only go from strength to strength."
Mr Thorman will remain as non-executive chairman until the end of June 2015 when he will leave the business.
He is succeeded by Jon Taylor as managing director. Previously, he was chief executive of Royal London (CIS), the Co-op's life insurance business acquired by Royal London in July 2013.
He was also the head of technology strategy, business transformation and latterly head of the CIS life and savings business.
Royal London said his combined investment and technology expertise will "bring additional strengths to Ascentric as it moves into its next phase of growth".
The role of Chairman will be taken on by Andrew Carter, chief executive of Royal London Asset Management, though he will maintain his current role.
Mr Carter said: "Royal London's acquisition of the minority shareholding together with the on-going investment in technology and the appointment of Jon to succeed Hugo, are a sign of our commitment to the business. Hugo has built Ascentric into a market-leader which will now be able to further leverage the advantages of being part of the Royal London Group."
Mr Taylor said: "The business' growth and market leading reputation are down to Hugo and the very strong management team who remain in the business. I look forward to working with that team and Hugo over the coming months."  

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