Wealth manager Quilter has announced that chief Paul Feeney will step down at the end of this month as the firm’s platform head Steven Levin takes over the reins.
Feeney departs the firm after 10 years at the helm but will remain available “to support an orderly transition” as part of the firm’s succession plan, Quilter said.
In a statement today, Quilter bosses said Levin – who has been with the firm since 1998 – had “deep business experience” across Quilter and successfully managed Quilter’s Platform Transformation Programme.
His appointment is now subject to approval from regulators.
Ruth Markland, Quilter Chair thanked the Feeney for “transforming Quilter into the modern wealth manager it is today” and said he would be working with Levin through the handover.
“I am pleased to confirm the appointment of Steven Levin as Chief Executive Officer and that there is an appropriate transition period to ensure an orderly handover,” she said.
“I am confident that Steven will take our business forward and deliver on its potential, supported by the strong Executive Committee that Paul has built”.
Change at the top comes after a difficult 12 months for Quilter in which its share price has plunged over 46 per cent.
Like other asset managers, it has also been hit by volatility on the markets this year and its assets under management tumbled 12 per cent to £98.7bn in the three months to the end of June.
The tumbling share price has fuelled some speculation that the firm is at risk of a takeover swoop. Shares in Quilter surged in early August after it was reported that Natwest and a host of private equity firms were mulling potential bids.
Shares in Quiller have tumbled over 26 per cent since that peak, however, and analysts have slashed their outlook for the stock’s performance.
Liberum analysts still backed the firm as a buy at the end of August but said they had downgraded its target price from 190p to 145p.