European Wealth Group COO Simon Ray has decided to step down from his position, effective 31 December 2017.

Ray joined European Wealth after its takeover of Aventus Capital Management in 2012. He worked on the company board since 2016.

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However, he will continue to serve as an independent contractor with responsibility for IT and Systems.

“The Board would like to thank Simon for his valued contribution to the Company since this time and wish him well in the future,” European Wealth said in a statement.

The news comes months after the firm’s appointment of Marianne Ismail as its new CEO, replacing John Morton.

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