The Oaktree Capital Management-owned firm has named Nigel Stockton as its next chief executive, subject to regulatory approval.

UK wealth manager Bellpenny has appointed Nigel Stockton to take the helm as chief executive, replacing Kevin Ronaldson who will be stepping down in September.

Ronaldson, who has led Bellpenny since its launch in 2012, will hand the reins to Stockton and remain with the business as founder director, responsible for working with the board and Ronaldson on strategic planning. He also remains a Bellpenny shareholder and investor.

Stockton, who has been a director of Bellpenny since launch, is currently the financial services director at UK estate agency and property services group Countrywide. He previously served as sales director for mortgages at Lloyds Banking Group and has also held various commercial directorships with the Financial Times.

“Oaktree would like to thank Kevin for his efforts in turning the Bellpenny concept into a reality over the past three years. Kevin staying on as founder director, shareholder and investor is the best possible outcome for us in terms of continuity,” said Bellpenny's chairman, Grenville Turner.

“In Nigel we're especially fortunate to have a tailor-made replacement for Kevin. He and I have worked closely together for much of the past 20 years and I can't think of anyone better equipped to drive Bellpenny to even greater heights.”

Bellpenny manages more than £3 billion ($4.7 billion) in funds and employs 70 financial planners. The wealth manager has made a flurry of acquisitions under Ronaldson's leadership. Its recent purchases include Winchester-based City Wealth Management Independent Financial Advisers in April.