Departing Sesame Bankhall MD Stephen Gazard is joining Intrinsic, it has been revealed this afternoon.

His exit from Sesame was announced yesterday but it had not been disclosed where he was moving to.

He will join Intrinsic, which is owned by Old Mutual Wealth, later this year as group managing director – a newly created role. He will work alongside CEO Andy Thompson on the distribution strategy for the group as well as leading the mortgage division of the network.

Mr Gazard said: “I am delighted to be joining Intrinsic at such an exciting time in its evolution. They have a hugely talented and admired team, a membership to be envied, and a parent company in Old Mutual Wealth that sees high quality financial planning sitting at the core of its long-term strategy.

“My decision to leave SBG after four years as managing director was not one taken lightly. However, after speaking to Andy and the OMW team over a number of months and understanding their plans for the future it represents a fantastic opportunity to be part of an organisation that truly sees all aspects of financial advice as core to its long-term strategy."

He was with Sesame for four years.

Mr Gazard said: “SBG has a clear direction of travel, loyal clients and members, and a hugely talented team to take the business forward. I believe everyone can be truly proud of what has been delivered, particularly in terms of culture and consumer outcomes, which I am very proud to have played my small part in. I look forward to seeing the Group continue to go from strength to strength.”

Mr Thompson said: “I’m delighted that in Stephen Gazard Intrinsic has been able to attract a pioneer and leader of the financial planning industry to join our business. As a financial adviser who has since gone on to hold numerous senior management positions within distribution, he holds both the practical experience and leadership credentials to help Intrinsic continue to be the network of choice for professional financial advisers.

“Stephen will both provide leadership to our Mortgage Network and work directly with me on our broader distribution strategy.

“At Intrinsic we aim to be an industry leader, demonstrating best practice in face to face advice and investing in the future of the professional financial planning industry. Stephen shares that vision with us and will be a hugely valuable addition to the executive team.”

Nigel Speirs will continue to lead Old Mutual Wealth Private Client Advisers, with Stephen Fryett having oversight of the Wealth Network for investment and pension advisers.