Acquisitive wealth management and Financial Planning group European Wealth has said that CEO John Morton, one of the founders of the company, has decided to step down from the board and the group after taking a leave of absence earlier this month.

Mr Morton was key in establishing the London-based company in 2010 and is the last founder of the group still serving on the board. The business has grown rapidly in the past seven years, through acquisition of Financial Planning firms and organic growth. It has £1.7bn in assets under advice and offices in the UK and overseas including Thailand and Zurich.

The group made a loss in the six months to June of £800,000 on revenues of £5.2m. The company said total revenues had risen 18% year on year but blamed extra debt financing costs for pushing the group into the red. The company said it had also taken measures to improve productivity and cut down on admin burdens in its key Financial Planning business.

The company provides a wide range of Financial Planning and wealth management services including tax and estate planning, corporate Financial Planning and Family Office advice.

Mr Morton will be replaced by Marianne Ismail, a former managing director of Morgan Stanley’s asset management business in London and New York with many years experience in wealth management. She was appointed on an interim basis when Mr Morton took his leave of absence earlier this month but her appointment has now been made permanent.

European Wealth chairman Buzz West said: "European Wealth is grateful to John for the vision, hard work and dedication which he has put into successfully growing the group over the last 7 years.  Whilst we are sorry to see him leave, we are also excited about the future."

Mr Morton was previously the chief executive of Syndicate Asset Management and was previously chief executive of Ashcourt. He has worked in the wealth management and investment sectors for 32 years.

European Wealth has acquired numerous Financial Planning businesses. In 2015 it bought a Surrey-based Financial Planning business belonging to a legal firm for around £675,000. Bells Financial Planning, located in Farnham, was acquired by European Wealth from Bells Solicitors.