The UK-based discretionary investment manager has brought on a former executive at a rival firm.

Quilter Cheviot, part of the UK's Old Mutual Wealth, has appointed Adam Hughes as investment director within its Salisbury office. 

Hughes joins after 20 years with Ashcourt Rowan, where he led the firm's managed portfolio service and sat on the asset allocation and investment committee. He left Ashcourt Rowan in July 2015.

In this new position, Hughes will manage client portfolios while developing the firm’s private client book across Southern England. 

“He is highly regarded across the industry and brings with him a wealth of experience, which will assist us as we pursue further growth in the regional marketplace,” said Paul Seton, head of the office at Quilter Cheviot Salisbury. 

The Salisbury team advises clients across Somerset, Wiltshire, Dorset, Hampshire and Berkshire. Quilter Cheviot, which was acquired by Old Mutual Wealth early last year, operates from 12 locations across the UK, Jersey and Ireland. It manages over £17 billion ($24.6 billion) in assets.

Meanwhile, in Bristol, the firm has expanded its team with the hire of Owen Jennings from Investec Wealth & Investment. He brings 10 years’ of financial services experience. He will be responsible for managing portfolios while building links with businesses and professionals throughout the Bristol area.

Earlier this month, Old Mutual, the parent company of Old Mutual Wealth, confirmed it will split its four business lines – Old Mutual Emerging Markets, Nedbank, Old Mutual Wealth and OM Asset Management (US) – into separate entities.