Rathbones has announced that its chairman, Mark Nicholls, will be retiring from the board with immediate effect, due to unforeseen personal circumstances.

Chief executive Paul Stockton said in a statement to the London Stock Exchange that he wanted to thank Mr Nicholls for his “long and distinguished service” to the firm over 11 years.

Jim Pettigrew, senior independent director, will assume the role of interim chair of the company until the 2021 annual general meeting (AGM) on 6 May.

It is anticipated that following the AGM, Clive Bannister, chairman designate, will assume the role of chair, subject to obt...