The UK wealth manager has appointed a new finance chief.

Towry has hired Legal & General's ex-group M&A and strategy director, Wadham Downing, as its new chief financial officer.

Subject to regulatory approval, Downing will replace Paul Wright, who will remain with the business and on the Towry board until he retires in June next year. Downing will become a member of the Towry board and report to Rob Devey.

Wadham joins from Legal & General where he held several senior roles including, most recently, group M&A and strategy director. Prior to this, he was CFO at the group. He previously worked at Resolution Plc and Britannic Plc.

Towry acquired Ashcourt Rowan in May 2015 and together they have £9.1 billion ($13.7 billion) of client assets under management or advice, as of the end of June. 

“We are delighted to welcome Wadham to the firm at what is an exciting period in our growth following the successful acquisition and integration of Ashcourt Rowan,” said Devey.

“I would also like to thank Paul for his outstanding contribution to the growth and success of Towry over the last seven years. We are fortunate that we will continue to benefit from his skills and experience over the coming months.”