The group's former head of digital marketing and communications, Magnus Wheatley, has been appointed managing director of Charles Stanley Direct. He will assist Charles Stanley Direct's head of proposition, Mike Lilwall, who also serves as a director of the group.

The investment helpdesk in Yorkshire and underlying business, Garrison Investment Analysis, will report to Lilwall, the group said.

Marcus Tree has been appointed head of digital operations. He will oversee Charles Stanley Direct's dedicated client helpdesk and administration hub in Edinburgh.

Also as part of the shake-up, the platform's Foundation Portfolios and Fundlists will be now be run by Charles Stanley’s collectives research team in London and headed up by Stephen Peters. Meanwhile, its delivery, style and output of research will be closer alligned to that of the group.

“The board sees Charles Stanley Direct as a strong component of the group’s overall strategy and are committed to its long-term success. The business has performed strongly in recent months and is moving towards profitability at an encouraging pace,” said Charles Stanley's chief executive, Paul Abberley.

“Integrating the structure and personnel of Charles Stanley Direct and the group is a logical step to creating a more efficient business that meets clients’ needs. These changes will help ensure that Charles Stanley Direct has the resource and investment to achieve its potential.”

The restructure follows the group's reveal that Charles Stanley Direct's assets under administration on its core direct-to-client platform had grown 35.1 per cent in the year to the end of March, while the group swung to a pre-tax loss of £6.1 million ($9.7 million). 

Earlier this week, the group announced the departure of Charles Stanley Direct's head of investment research, Ben Yearsley.