Oldfield joined Phoebus five years ago as head of sales and account management. He was later promoted to chief revenue officer, a role he has held for the past 18 months.

Meanwhile, Hunt has served as chief executive officer for the past 10 years and has been with the business for 20 years in total.

He will now transition to become vice chairman of the board.

Hunt has overseen the company’s expansion and growth from a relatively small company 20 years ago to the point where it now has 140 staff and more £110bn assets under management.

As vice chair, he will continue to add value and will remain a key voice on the direction of the company.

Commenting on the changes, Hunt says: “It has been an absolute privilege to be a part of Phoebus for the past twenty years, and I aim to continue to make a positive difference but from a different position on the board.

“I know I am leaving the position of managing director in very capable hands with Adam at the helm, which makes it easier to make the change.”