Financial Planner and wealth manager Quilter has appointed former Hargreaves Lansdown CEO Chris Hill as an independent non-executive director.

He will join the Board on 7 March.

Mr Hill will also join Quilter’s board audit committee and board remuneration committee.

He was CEO at Hargreaves Lansdown from 2016 until he stepped down in August.

Former roles also include chief financial officer at online trading platform IG Group Holdings and currency and payments business Travelex.

He is also on the board of trustees of the Just Finance Foundation and an adviser to the Boston Consulting Group.

Ruth Markland, chairwoman of Quilter, said: “I am delighted to welcome Chris to the board. His deep knowledge of the wealth management industry and experience as a financial services CEO and CFO will be invaluable to the board as we continue to invest in our business and deliver our strategic ambitions.”

Mr Hill added: “I am very much looking forward to joining the Quilter board as a non-executive director.  I look forward to working alongside my board colleagues and supporting the management team as it continues to deliver the strategy and realise Quilter's significant growth opportunity.”

Two of the firm’s other non-executive directors, Tazim Essani and Paul Matthews, have also announced their intention to step down at the next annual general meeting on 23 May.

Tim Breedon, senior independent director and chair of the board remuneration committee, will become workforce engagement director, a position which is currently help by Ms Essani.

Mr Matthews currently serves on the board audit committee and board remuneration committee.

Mr Hill came under criticism over Hargreaves Lansdown’s promotion of Neil Woodford’s flagship Equity Income fund before it collapsed in 2019. Around 300,000 investors had their money trapped in Woodford’s fund when it was frozen in June 2019, including more than 130,000 Hargreaves Lansdown clients.

Quilter also had a challenging year in 2023, with third quarter core business net inflows of just £1 million compared to net inflows of £324 million in the corresponding period of 2022 amid "challenging" market conditions.

The company said there were signs some clients were withdrawing savings, rather than topping them up, to keep up with soaring living costs.

Despite the fall, the wealth manager and Financial Planner reported stable its AUM. Assets under Management and Administration were broadly unchanged at £101.4bn at 30 September 2023, similar to end June (£101.7 billion).