Rathbone Brothers Plc, the U.K. asset manager founded in 1742, said Philip Howell will replace departing Chief Executive Officer Andy Pomfret in March.
Howell, who’s deputy CEO, will join the board with immediate effect, Rathbone said in a statement from London today. Pomfret, 53, who brought in Howell as a potential successor at the beginning of the year, will retire on Feb. 28.
“The handover is already underway,” Rathbone Chairman Mark Nicholls said in the statement. “Philip has become a key part of the senior team and I am delighted that he is taking over as chief executive.”
Rathbone has been benefiting from rising equity markets with the U.K.’s FTSE 100 Index climbing about 13 percent this year. During Pomfret’s tenure, funds under management increased to 20.8 billion pounds ($34 billion) at the end of September from 7.7 billion pounds at the end of 2004, Rathbone said.