Rathbones CEO to step down in the new year

LONDON (Reuters) - British wealth manager Rathbone Brothers said on Monday its chief executive Andy Pomfret is stepping down and will be replaced by his deputy, Philip Howell.

Howell, who joined Rathbones earlier this year after a stint as boss of rival investment manager Williams de Broe, will become chief executive in March.

Chief executive at Rathbones since 2004 and an employee since 1999, Pomfret said he now wanted to use his experience as a CEO and a non-executive director to develop a "plural career."

Serving the upmarket end of the British investment management market, Rathbones said its funds under management stood at 20.8 billion pounds ($34 billion) on September 30, up from 18 billion pounds at the start of the year.

(Reporting by Tommy Wilkes; Editing by Greg Mahlich)