The firm will make a further announcement on the current CEO's position as soon as practicable.

Chief executive of European Wealth Group, John Morton, will take a leave of absence from his duties with the company. 

The European Wealth board has appointed Marianne Ismail (née Hay) as CEO of the company on an interim basis, with immediate effect, the firm said in a statement.

Ismail has been a non-executive director of EWG since December 2015. She has significant experience in the wealth management sector having previously been a managing director at Morgan Stanley’s asset management business in London and New York, CEO of global wealth management Europe at Citigroup and head of private banking for Europe, Middle East and Africa at Standard Chartered Bank.

The firm did not elaborate on details, but added: "The company will make a further announcement regarding Mr Morton’s position as soon as practicable."