Martin Andrew – the chief executive of Close Brothers Asset Management (CBAM) - has decided to leave the firm to pursue the next stage of his career.

Mr Andrew has been with CBAM for sixteen years, the last thirteen of which he was chief executive. Before this, he was head of wealth management.

Previously, he held senior roles at Merrill Lynch Investment Managers and McKinsey & Co.

He will stay with the business until Spring 2022 to help ensure a smooth transition period. The firm is yet to announce his successor as the recruitment process is still underway.  

Close Brothers group chief executive Adrian Sainsbury, said: "We take a long term view of our businesses and Martin and I have been discussing succession planning in CBAM for some time.

"Martin has made an enormous contribution to the group during his time here, and I have very much enjoyed working with him.

“Martin has built a high quality business with an excellent team at CBAM and he will leave a significant and lasting legacy behind him."

Mr Andrew said it has been a “privilege” to lead CBAM for so many years.

“I will leave with a strong fondness towards Close Brothers and I am committed to a smooth handover to my successor in due course."

CBAM also announced strong growth in an interim trading update this morning.

In its first quarter (August to October) the firm achieved annualised net inflows of 8 percent and increased managed assets to £16.0 billion, an increase from £15.6 billion at the end of July 2021.