Coleman, who latterly held a similar position at AXA Wealth, will start on 1 January 2012 and report to Alastair Conway, Cofunds’ sales and marketing director. He will be in charge of implementing a new pricing system next year, which will introduce an annual flat fee of £40 ($63) and a monthly fee discounted based on the clients’ holdings. Cofunds had £33 billion of assets under administration on 1 September this year.

AXA Wealth has replaced Coleman internally with Laura Eden on an interim basis, a spokesperson for the company has confirmed.