Rathbones chief executive Andy Pomfret to retire

Andy Pomfret has announced plans to step down as chief executive of the £20 billion-plus fund manager Rathbone Brothers next year, handing over to his recently recruited deputy, Philip Howell.

Pomfret, 53, joined the 271-year-old firm as its finance director in 1999.

He became chief executive in 2004 when funds under management stood at £7.7 billion. 

Pomfret, who said he now wants to pursue a “plural career”, has been a non-executive director of Beazley and is currently on the board of Graphite Enterprise Trust. He was paid £602,000 last year and owns £2.1 million worth of shares as well as around another £500,000 in long-term incentive shares.

Howell joined Rathbones from rival Williams de Broe in March.