Chartered Financial Planner Tom Barnett has been promoted to be managing director of two wealth management and Financial Planning firms with £1bn under management and advice.

The firms are wealth manager Craven Street Wealth and sister company Canterbury-based Chartered Financial Planning firm Kreston Reeves Financial Planning.

Mr Barnett joined Kreston Reeves in 2007, qualifying as a Chartered Financial Planner soon after. He was appointed as a director in 2013.

He will take over from retiring managing director David Hurst who has led Kreston Reeves for 30 years.

Craven Street Wealth was launched in March 2021 after the acquisitions of Kreston Reeves Financial Planning and Christchurch Investment Management. The combined business manages about £1bn of client assets and employs 40 staff including 9 Financial Planners.

Mr Barnett said: “I would like to thank David for his support and mentoring over the years. I would also like to assure our clients that they will continue to receive the same high standard of advice and support whilst we continue to develop and expand our investment propositions, range of services, platform technology and systems.”

Outgoing MD Mr Hurst said: “I would like to congratulate and provide my full support of Tom’s appointment knowing that he will place the same emphasis on quality client service.”

In addition to a new MD, Craven Street Wealth recently added to its executive committee with the appointment of Dr Patricia Ivan, who joined from Sanlam.

Craven Street Capital, a London-based corporate finance business, launched Craven Street Wealth recently. As part of the launch of Craven Street Wealth, the firm acquired Kreston Reeves  and Christchurch Investment Management.