Co-founder of Seven Investment Management (7IM) Tom Sheridan has retired from the firm after 17 years and has been replaced by Barclays managing director Dean Proctor as CEO.
Proctor will take up the role from 8 April, subject to regulatory approval, under the guidance of Sheridan who 7IM said would be available to ensure a smooth transition. Sheridan will also stay on in an advisory capacity.
Joining with 25 years of financial services experience, Proctor most recently headed up the unsecured lending business in the UK for Barclays. He has also previously served as executive general manager for the Commercial Bank of Qatar and the CEO of Arbuthnot Latham.
Co-founder of 7IM Justin Urquhart Stewart said Proctor brings "significant UK financial services leadership experience with a strong knowledge of wealth management" and will help to "build on the great reputation of 7IM".
Sheridan, under whose leadership 7IM has grown from a 2002 start up to a £14bn AUM investment manager, said he was "proud to be leaving the business at this time with a great range of clients and the strongest management team it has ever had".
He added: "Over the years it has been my pleasure and privilege to work with many of the leading UK advisory firms.
"I have seen many of these firms go from strength to strength and hope that 7IM will be able to continue supporting their growth."
Proctor said one of his "key focusses" in the new role will be "building on [Sheridan's] legacy of innovation as well as getting to know our advisory partners".
Chairman of 7IM Ian Owen added: "We are confident that he will bring a valuable external perspective which, together with our experienced management team, will enable us to meet our clients' expectations and to drive further growth in our business.
"The whole team would like to thank Tom for his exceptional contribution to 7IM since inception and we are delighted that we will continue to benefit from his insights."
A version of this article first appeared in Investment Week