The founder of a boutique investment manager is retiring after 50 years in the industry.

David Cowell is stepping down as chairman of Leeds-based Myddleton Croft but will continue as non-executive chairman. He began working in financial services in the 1960s.

He founded the firm in 2006 and after ten years reached a turnover of £1m in 2016. It hit a target of £100m of Funds Under Management last November. 

Mr Cowell said: “To have enjoyed 50 years in business is quite an achievement and I am very proud of the business the team and I have built up.

“Working alongside managing director Julie Jones and investment director Patrick Toes, we have made great progress over the last few years, growing to a nine-strong team; moving to larger offices, and investing in new management systems. 

“With such a strong management team at the helm, I am confident that Myddleton Croft will continue to flourish, and I would like to thank everyone who has played a part in our success to date.”

He said: “Having started working in financial services in the 1960s, I have seen huge changes in the sector with the growing regulatory requirements which we are now facing, such as MiFID II, being among the most challenging. 

“However, one thing I have learnt is that a solid, well-run business is able to weather changing market conditions, investing and adapting to ensure that it maintains high standards of service for its clients.”