Stanes was latterly chief executive and chief investment officer of a privately-owned London-based investment office. In this post he was responsible for creating a new fund management partnership and oversaw the investment teams managing long/short funds and a long-only equity strategy. Before this he had been an executive director and portfolio manager at Goldman Sachs Asset Management.

At Heartwood, Stanes will play a significant role in both managing ultra high net worth clients and launching new investment products, the firm said in a statement. He will report to Noland Carter, chief investment officer and be based in London.

“We’re tremendously pleased to have attracted such a high-calibre candidate as Michael to our investment management team. He will play a key role in managing portfolios for our growing high, ultra high net worth, and charity client base,” Carter said.

In another recent hire, last month Heartwood recruited Mark Wills from UBS Wealth Management to take up the role of relationship director within its client services team.

Wills - who was an executive director at the Swiss banking giant - joins the firm in August and thereafter reports to Guy Hudson, head of client services and distribution. In his new role he will be responsible for introducing Heartwood’s investment and wealth management services to new clients with liquid assets ranging from £1 million (about $1.4 million) to over £20 million.