European Wealth has named Marianne Ismail as the new CEO, replacing John Morton who will now leave the group.

The company did not detail the reasons for the departure of Morton, who announced a leave of absence for an indefinite period last week.

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Morton played an integral part in founding the company in 2010 and was the last founder serving on the firm’s board.

Under Morton’s leadership, the firm grew assets to £1.7bn and set up five offices worldwide.

Ismail has been serving as the firm’s non-executive director at European Wealth since December 2015 and was working as interim CEO.

She previously worked as managing director at Morgan Stanley’s asset management business in London and New York, CEO of global wealth management Europe at Citigroup, and head of private banking for Europe, Middle East and Africa at Standard Chartered Bank.

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European Wealth chairman Buzz West said: “European Wealth is grateful to John for the vision, hard work and dedication which he has put into successfully growing the Group over the last 7 years.  Whilst we are sorry to see him leave, we are also excited about the future.”