The European CEO of DFM and wealth manager Canacord Genuity is to step down, according to reports.

Sky News cited sources within the firm who claimed that Alexis de Rosnay was to step down as chief executive of Canaccord‎ Genuity's European operations and global head of its investment bank after around seven years in charge.

The report also suggests Stephen Massey, head of UK wealth management, has been made executive chairman of the business.

Chief financial officer Nick Russell will become interim chief executive following Mr de Rosnay’s exit according to the sources, who also said an announcement about the change was likely to be released this week.

Mr de Rosnay, who was appointed chief executive of Canaccord Genuity Limited (UK & Europe) in 2012, had overall responsibility for Canaccord Genuity Wealth Management operations in the region.

The restructure was set against a backdrop of political uncertainty over Brexit.

Canaccord had earlier said: “A prolonged period of political and market uncertainty in the UK has impacted capital-raising and related activities in the region, resulting in unacceptable returns.”