Rathbones Group has announced that Paul Stockton will retire as chief executive officer on 30th September 2025 after 16 years with the company, with Jonathan Sorrell set to succeed him.

Stockton, who turned the wealth manager into one of the UK's largest, had previously informed the board of his desire to retire on his 60th birthday, which falls in the second half of 2025.

Sorrell will join Rathbones as chief executive officer designate on 1st July 2025, subject to regulatory approval, before taking on the role permanently when Stockton steps down.

"Rathbones has been a big part of my life, and my decision to retire has inevitably been taken with mixed emotions," said Stockton. "It has been an honour and privilege to serve as group chief executive. I am deeply proud of our people and everything they have achieved."

Sorrell, currently president of derivatives investment management firm Capstone Investment Advisors and son of former WPP chief Sir Martin Sorrell, brings significant industry experience to the role. Prior to Capstone, he served as president and chief financial officer at Man Group, and worked for over a decade at Goldman Sachs as a managing director.

"It's a true honour to lead what is a great business with a highly talented executive team supporting over 110,000 clients to secure their financial futures," Sorrell said of his appointment.

Under Stockton's leadership, Rathbones' funds under management grew from £9bn to £109bn. He also oversaw the firm's £839mn acquisition of Investec Wealth & Investment UK in 2023, which created one of the UK's largest wealth managers.

Clive Bannister, chair of Rathbones, praised Stockton for having "navigated successfully significant geopolitical changes, challenges in the regulatory and market environments and has steered the group into a position of strength".

Stockton joined Rathbones as group finance director in 2008, before being promoted to managing director of Rathbones Investment Management in 2018 and then to group chief executive in May 2019.

Stockton will remain available for handover support until 31st December 2025, ensuring a smooth transition as the wealth management industry continues to face consolidation pressures amid rising costs and competition from index-tracking funds.

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