According to Martin Andrew, Close Brothers Asset Management CEO, the pair will be replaced by Andrew Cumming, who is currently head of the group’s Scottish wealth business and will take over “national leadership” of the group’s personal advice business.
Fay and Redgrove joined the business when Close Brothers acquired their previous firm, Cavanagh, for £26.2m in April 2011.
At the time of the transaction Fay was appointed head of wealth management business development, but was promoted to head of wealth management in July of the same year.
In a statement issued by the group, Cumming said: “I believe that financial planning has the opportunity to become a true profession alongside the legal and accountancy professions. With our scale and the strength of our people, brand and capabilities in both advice and investment management we aim to be the market leader in providing a preeminent, national financial planning and wealth management service.”
