Close Asset Management’s head of wealth management, Steven Mendel, is leaving the company tomorrow, a spokesperson for the company has confirmed.

Mendel will be replaced by Andrew Fay, former chief executive of Cavanagh, with immediate effect. Cavanagh, a 60-advisor-strong IFA firm, was acquired by Close in April.

Steven Mendel embarked on his job at Close Asset Management, part of UK’s Close Brothers group, in November 2009. He joined from Christie’s, where he was financial services director responsible for proposition development across lending, insurance and investment management, and before that he was a director at Barclays Wealth.