The outgoing group chief executive had led the business through difficult geopolitical changes, managed challenges in the regulatory and market environments, and brought the group into a strong position.

The board of Rathbones has announced that Paul Stockton will retire from the London-listed firm on 30 September 2025 after 16 years with the firm, six years of which were spent as group chief executive. He will be succeeded by Jonathan Sorrell (pictured) who will be joining the business as CEO designate, subject to regulatory approval, on 1 July.

In order to effect a smooth handover, Sorrell will be appointed to Rathbones Group Plc and Rathbones Investment Management Limited boards upon receipt of regulatory approval, at which time Stockton will retire from both boards. However, he will remain available for handover support thereafter until 31 December 2025, Rathbones said in a statement last week.

Stockton was appointed group chief executive in May 2019. Previously, he served as managing director of Rathbones Investment Management from May 2018 and, prior to that, group finance director from 2008. Under his tenure, Stockton has supported and executed strategic initiatives to build Rathbones to its present level; growing FUMA from £9 billion ($11.6 billion) to £109 billion over this period. He led the combination with Investec Wealth & Investment (UK) in 2023 and, with the team, will deliver the benefits of this integration with almost all of Investec Wealth's 55,000 clients being migrated to the group by the end of H1 2025.

Sorrell will be joining from Capstone Investment Advisors, a derivatives investment management firm, where he has been president from January 2020. Prior to this he was chief financial officer and then president of Man Group plc, the FTSE 250 listed active investment management business.

"Jonathan brings a formidable leadership track record at the most senior level of the broader investment and asset management industry, working across complex global organisations,” Clive Bannister, chair of Rathbones, said. “In an excellent field of potential candidates, his investment background and experience combined with his energy, ambition and a clarity of strategic thinking stood out to the board.”

Bannister also paid tribute to Stockton’s outstanding contribution to Rathbones: “Paul has navigated successfully significant geopolitical changes, challenges in the regulatory and market environments and has steered the group into a position of strength, from which it can continue to develop."