Cofunds' managing director of operational services, Stephen Mohan, is leaving after more than seven years at the firm, this publication can confirm.

Mohan has accepted a new role within the industry which has yet to be disclosed, but will stay in his position until a suitable replacement is found, the firm’s chief executive Martin Davis has said.

Having joined in 2005, Mohan has managed the firm’s service development and delivery, and more recently worked on the execution of its RDR programme.

Davis added: “Stephen has been a great ambassador for the business. He’s represented Cofunds on a number of industry bodies and has been instrumental in pushing for a number of initiatives that have benefitted advisors, fund managers and institutions, including standard messaging for re-registration and bringing TISA’s TeX initiative to market.”

“We’re sorry to see Stephen go but understand fully that after more than seven years with the business, he’s keen to explore a new challenge,” he said.

In response to Mohan’s imminent departure, the firm is bringing retail and institutional sales and relationship management under one area, led by Andy Coleman as director of distribution and Mark Hopcroft as head of retail business development.