Adrian Collins, who is currently non-executive chairman, becomes executive chairman, while Vinay Abrol continues in his role as chief operating officer and chief financial officer.

Collins says: "Having co-founded the company in 1994, Nigel has been the driving force behind the development of Liontrust, including its flotation in 1999, and has steered the business through an extremely challenging period over the past 18 months."

"With Nigel and the board having begun the rebuilding of the business and the company being well positioned for the future, Nigel feels this is the right time to step down. The board would like to thank Nigel for the energy and contribution he has made in building the company and wish him well for the future.

"In John Ions, who joined Liontrust earlier this year, we have an individual with a wealth of industry experience to lead the company and build on its strong financial position, pool of talented fund managers and range of funds to create value for investors and shareholders."

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