The UK wrap platform, Ascentric, is looking for a new managing director as the current MD, Hugo Thorman, is appointed executive chairman of the firm.

Ascentric, the UK-headquartered wrap technology platform, is on the prowl for a new managing director as the current MD, Hugo Thorman, is appointed executive chairman of the firm.

Ascentric said in a statement that it would be shuffling its leading management team as it aims to expand its business.

“Hugo recognises there is a need to extend the scope and experience of the management team here, and the best way of doing that is to bring in a managing director and for him to take the executive chairman role,” explained head of marketing Dominic Ventham.

As part of the planned management succession, Clive Boothman, who is the current non-executive chairman of Ascentric, will remain on the board as a non-executive director.

Thorman will take up his new role once a successor has been found, the firm said.

Ascentric, IFDL and Fundsdirect are trading names of Investment Funds Direct Limited, an online financial supermarket under the Royal London Group, which currently has £73.5 billion in funds under management.