Head of wealth management at Close Brothers Asset Management, Andy Fay, is leaving the firm.

Head of wealth management at Close Brothers Asset Management, Andy Fay, is leaving the firm.

He will be replaced by Andy Cumming, head of wealth management in Scotland, Close Brothers said in a statement.

Also leaving Close Brothers is Simon Redgrove, head of personal advice. Redgrove joined the firm in 2011 along with Fay following the acquisition for £26.2 million ($44.8 million) of wealth management firm Cavanagh, which they both co-founded.

“Andy and Simon have played a major role in CBAM’s development over the last few years since our acquisition of Cavanagh in 2011.  I would like to thank them for their hard work and contribution to our business and wish them well in the future,"  said chief executive Martin Andrew.

"I am delighted that Andy Cumming, currently head of our wealth business in Scotland, will be taking over the national leadership of our personal advice business,” he added.