Paul Stockton, CEO of wealth manager Rathbones, is to retire on 30 September.

Mr Stockton has been at the helm of the wealth manager for six years, with over sixteen years of his career spent with Rathbones.

He had previously indicated to the board that he intended to retire on his 60^th birthday in the second half of this year.

He will continue to work with the firm for handover support until 31 December.

Jonathan Sorrell will join Rathbones as the CEO-designate on 1 July, according to a market announcement from the wealth management firm.

He joins Rathbones from Capstone Investment Advisers where he has been president for the past five years. Previous roles include CFO and president of investment manager Man Group.

His appointment is subject to regulatory approval.

Clive Bannister, chair of Rathbones, said: “Jonathan brings a formidable leadership track record at the most senior level of the broader investment and asset management industry, working across complex global organisations.

“In an excellent field of potential candidates, his investment background and experience, combined with his energy, ambition and a clarity of strategic thinking, stood out to the board.

“The board and I look forward to working with Jonathan to ensure that Rathbones continues to deliver on its enormous potential for our clients, shareholders and people.”

Mr Stockton said that Rathbones has been a big part of his life and the decision to retire was not an easy one.

He said: “My decision to retire has inevitably been taken with mixed emotions. It has been an honour and privilege to serve as group chief executive. I am deeply proud of our people and everything they have achieved. I would like to thank every one of them for their significant contribution.”