The new CEO will continue to hold the position of chief investment officer, a position he has held since August 2016.

UK-based Beaufort Investment Management has promoted Stewart Murray as chief executive, a newly-created role.

Murray will also continue his role as chief investment officer, a position he has shared with Stephen Watson since August 2016.

He was previously head of equities at Rowan Dartington. He has also held a number of senior posts in investment management in Edinburgh and London including Munros Capital Management.

Watson has relinquished the post of CIO, but remains a member of BIM’s investment governance committee and has been appointed as a non-executive director of BIM’s parent company, the Beaufort Group.

“Stewart’s appointment and now promotion is a clear sign of the group’s determination to grow funds under management in a steady and measure way,” said Simon Goldthorpe, group chairman of the Beaufort Group. “Our ambition is to expand the range of funds and to have some £2.5 billion ($3.1 billion) under management within five years."

“Stephen Watson has made a considerable contribution, as CIO, where he has successfully developed and grown the company. We are delighted that he has agreed to strengthen our board as non-executive director," Goldthorpe said.