Fleming will take over from Hugh Grootenhuis, who is stepping down after six years of leading the investment manager. 

Fleming was most recently CEO at asset management business Cumulus Group, where he led an insurance and pensions initiative. Before this, he was CEO and chief investment officer at Kames Capital between 2005 and 2013. Here, he was responsible for the company’s rebranding strategy (before 2012, Kames Capital was known as Aegon Asset Management).

“We are delighted to have attracted someone of Andrew’s calibre and track record to the position of CEO as part of our succession planning,” said the chairman of Waverton, John Anderson.

“He will be instrumental in managing Waverton through the next phase of its development, building on the excellent work of Hugh Grootenhuis who successfully managed Waverton during a time of great change, which included the transfer of ownership from Credit Suisse to Somers and Waverton’s management, and the expansion of the firm’s investment platform.”

As of the end of March, Waverton Investment Management, which operates from one office in London's West End, managed around £4.6 billion ($7.2 billion) of assets for private individuals, trusts, charities and institutions.