Quilter has announced that Andrew McGlone will step down as chief executive of Quilter Cheviot later this year, ending a 31-year tenure with the business.

McGlone has led the discretionary fund manager for the past seven years and will leave to pursue new opportunities.

Quilter has a mortgage network that advises on over £20bn of lending a year.

McGlone will be succeeded by John Goddard, who is set to join Quilter Cheviot as CEO in September 2025 following an extensive external search.

Goddard brings with him nearly three decades of experience at HSBC, where he held a number of senior leadership positions and was instrumental in delivering strategic growth across multiple markets.

McGlone and Goddard will work together to ensure a smooth handover.

In March, Quilter announced it had set aside £76m in remedial costs as part of its ongoing advice review, following increased regulatory scrutiny of historical charging practices by fund managers.

The announcement was made in its full-year report for the year ending 31 December 2024, released 5 March. It reflects the estimated cost of potential client remediation, including interest and associated expenses.