David Esfandi, the managing director for asset management at UK's Ashcourt Rowan, the wealth manager, has left for Dwyer Asset Management, a London-based firm, this publication can confirm.

His responsibilities are being reallocated internally, a spokesperson for Ashcourt Rowan said.

In a note sent to contacts, he wrote: “I wanted to let you know that I have now left Ashcourt Rowan. I joined the management team in January 2012 following a successful capital-raising to install an institutional investment proposition, grow the asset management division and help drive the restructuring programme. Now I am delighted to say that the company has moved into the next stage of development, is on a firm foundation and recently completed its first major transaction.”

According to the Dwyer website, it is “asset management business with a proven, extensive track record of delivering value in the property and financial sectors for its clients”. The chairman is Joey Esfandi, while other senior figures include Steve Haines, director; Ian Sutherland, director; Martin Silverman, non-executive director, and Stormme Miller, head of business environments (source: Dwyer website).