David Lawrence, the CEO of fast growing wealth manager and Financial Planner Kingswood Holdings, has quit.

He will be replaced by ex-Positive Solutions CEO and Chartered Accountant Peter Coleman as interim CEO, subject to FCA approval.

A search is under way for a permanent replacement.

AIM-listed and private equity-owned Kingswood announced the unexpected exit of Mr Lawrence to the Stock Exchange this morning.

Mr Lawrence, who has built the company into a significant presence in the Financial Planning market, resigned to the board recently.

Mr Lawrence has overseen rapid expansion at Kingswood although there have been recent reports that the company was up for sale, a move it ruled out last October.

Mr Lawrence has headed the company, which has an international arm, for four years and oversaw over 20 acquisitions and integrations, growth in AUM, an expansion to approximately 20,000 clients and the integration of IBOSS.

Recent results showed that group revenue was at £86.2m, up 37.7% on last year, while operating profit was at £10.8m, up 37.9%. Kingswood employs about 400 staff. 

Mr Coleman has wide industry experience including a range of executive leadership roles as CEO, CCO and CFO. He worked at Financial Planner and wealth manager Succession Wealth and at Wealth Wizards and was CEO of national IFA Positive Solutions.

David Hudd, Chairman, said: “On behalf of the board, I would like to thank David Lawrence for his outstanding contribution to Kingswood’s success and to congratulate Peter Coleman on his new role. Peter comes with strong credentials and I am sure he will bring much energy to an already strong business.”

Mr Lawrence said: “The last four years have been a transformative period for Kingswood. It is now a highly professional business with equally strong investment management credentials, and with the support of our primary investors, Pollen Street Capital has made and integrated over 20 acquisitions with AuA/M now approaching £10bn. 

“We would not have achieved any of this without the unstinting commitment of all of our colleagues, our investors and our board, whose support during my tenure I am deeply thankful for.”  

Mr Coleman said: “I’m delighted to join Kingswood at this exciting time for the business. Kingswood has grown rapidly and has solid foundations, and I look forward to continuing the work to deliver a first class service to our clients and wealth planners through operational excellence.”