Investec Wealth & Investment (IW&I)'s CEO Jonathan Wragg, who has spent more than 20 years at the firm and the last decade in his current role, has stepped down and will be succeeded by Investec's former group chief operating officer Ciaran Whelan.
Whelan and Wragg will be working through a handover period until 30 June.
Whelan, who has worked at Investec for more than 30 years, has held positions as group director of risk and global head of the firm's private bank before becoming COO. Whelan currently sits on Investec Group's board as an executive director.
Wragg joined Investec in 2005 as finance director after the group acquired a 47% stake in his previous employer Rensburg Sheppards. After five years, Investec acquired the entirety of the firm and he was appointed CEO of IW&I UK.
Fani Titi, group chief executive of Investec, said: "We wish to thank Jonathan for his dedication and commitment to IW&I, a business whose name and reputation stand strong in our industry.
"We appreciate the work Jonathan has done in helping build the IW&I franchise, which has benefited from his calm and meticulous approach.
"Ciaran will bring more than three decades of experience in our organisation in senior roles. We give Ciaran, in his new role, all of our encouragement and support."
The move follows the demerger of Investec's fund management arm Ninety One last month, which was implemented to "enhance positioning" and offer the "ability to attract and retain the best talent in a competitive global market".