Rathbones reveals succession plan after CEO Stockton announces retirement
Paul Stockton will retire as chief executive of wealth management group, Rathbones, on September 30, 2025.
Rathbones said today (March 20) he will be replaced by Jonathan Sorrell, who will join the business as CEO designate, on July 1, from Capstone Investment Advisers, where he has been president from January 2020.
Rathbones operates a key office from the Port of Liverpool Building, one of the city’s waterfront ‘Three Graces’ buildings.
Paul Stockton has been group chief executive at Rathbones for six years.
To achieve a smooth handover, Jonathan Sorrell will be appointed to Rathbones Group Plc and Rathbones Investment Management Limited boards on receipt of regulatory approval, at which time Paul will retire from both boards. Paul will remain available for handover support until December 31, 2025.
He was appointed group chief executive in May 2019, having served as managing director of Rathbones Investment Management from May 2018, and prior to that group finance director from 2008.
He had indicated to the board his desire to retire on his 60th birthday which will be in the second half of 2025.
Under his tenure, Paul has supported and executed numerous strategic initiatives to build Rathbones into a leading wealth management firm, growing funds under management and administration from £9bn to £109bn over this period.
Paul led the successful combination with Investec Wealth & Investment (UK) in 2023 and, with the team, will deliver the benefits of this integration with almost all of Investec Wealth’s 55,000 clients being migrated to the group by the end of the first half of 2025.
The benefits of the Investec merger were shown in the 2024 annual figures, released last month, which revealed an operating income of £859.9m, against £571.1m in 2023, and a pre-tax profit of £99.6m, compared with £57.6m the previous year.
Clive Bannister, chair of Rathbones, welcomed the incoming CEO, saying: “Jonathan brings a formidable leadership track record at the most senior level of the broader investment and asset management industry, working across complex global organisations.
“In an excellent field of potential candidates, his investment background and experience, combined with his energy, ambition and a clarity of strategic thinking, stood out to the board.
“The board and I look forward to working with Jonathan to ensure that Rathbones continues to deliver on its enormous potential for our clients, shareholders and people.”
He added: “On behalf of the board, I would like to take this opportunity to pay tribute to the outstanding contribution that Paul has made to Rathbones. He has worked with great passion, energy and commitment to make Rathbones the leader in wealth management across the UK.
“Paul has navigated successfully significant geopolitical changes, challenges in the regulatory and market environments and has steered the group into a position of strength, from which it can continue to develop.”
Paul Stockton
Paul Stockton said: “Rathbones has been a big part of my life, and my decision to retire has inevitably been taken with mixed emotions. 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. I would like to thank every one of them for their significant contribution.
“With the support of the board and a talented group executive team, we have laid strong foundations to support the next phase of growth for the group. All remain fully committed to deliver on our strategy.
“Jonathan brings many strengths to the group, and I very much look forward to working with him to ensure a successful transition.”
Jonathan Sorrell said: “I want to thank the board for their support and the opportunity they have given me at Rathbones. Paul has been instrumental in building an incredibly strong platform at Rathbones and I look forward to working closely with him during this transition period to benefit from his knowledge and experience.
“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.
“With that comes a great sense of responsibility to ensure Rathbones continues to succeed and deliver for our clients and, as a result, for our people and shareholders.”
Prior to joining Capstone, Jonathan was chief financial officer and then president of Man Group, the FTSE 250-listed active investment management business.
