Rathbone Brothers has announced Philip Howell is to retire as CEO in May next year with Paul Stockton, currently managing director of Rathbone Investment Management, taking the reins.
Howell was appointed CEO in 2013 and has spent over 30 years in investment banking, including a 24-year stint at Barclays. He has also been chief executive of Fortis Private Banking and subsequently of Williams de Broë.
He said: “It has been my privilege to lead and work alongside the many talented professionals and dedicated support staff who compose Rathbones. I am very grateful for their considerable contribution to our success over the past five years. I look forward to working closely with Paul through the transition and I am confident that he will lead the firm to continued success.”
Meanwhile, Stockton has worked as group finance director for Rathbones for a decade and was appointed MD of the investment management business in May 2018. He started an accountancy career at PriceWaterhouse in 1992, and he later joined Old Mutual, then Gerrard Limited, EuroClear and Phoenix Group.
Commenting on his new role he said: “The opportunity to lead such a prominent and well respected business is truly exciting. Our clients and stakeholders place considerable trust in our ability to deliver them a quality service and reliable investment outcomes. I very much look forward to continuing to work with the board, our executive team and my colleagues, to build on our position as a leading UK wealth manager.”
Mark Nicholls, chairman of Rathbones, added:”Under Philip’s leadership, Rathbones has firmly established itself as the leading UK wealth manager and, on behalf of the board, I would like to thank him for the strong direction, unfailing commitment and dedication he has provided to Rathbones during his tenure.
“The board recognises the importance of careful succession planning at Rathbones and, having worked with Paul for many years, we are delighted with his promotion to chief executive officer. Paul has built up considerable experience and a deep knowledge of the firm, its values and culture and I wish him every success as he takes on his new responsibilities.”