The chief executive of Syndicate Asset Management, the UK-based group of financial advisory and investment firms, said its chief executive, John Morton, has resigned.

Mr Morton has “resigned from the board with immediate effect”, Syndicate said in a statement. The statement did not elaborate on Mr Morton’s future plans and the firm did not immediately respond to calls from WealthBriefing.

Peter Dew and Jonathan Freeman, both of whom are currently non-executive directors of Syndicate, have agreed to act as interim joint group chief executives, the statement added.

Syndicate is quoted on London’s Alternative Investment Market.