Close Brothers Group PLC on Monday said Philip Yarrow will step down as chief executive officer of Winterflood Securities, on September 20.

The merchant bank said that Yarrow has been with Winterflood for 22 years, including seven as CEO. Winterflood provides outsourced dealing and custody services for asset managers and platforms.

Close Brothers said Yarrow will be succeeded by Bradley Dyer, who is currently managing director at Winterflood.

Dyer joined Winterflood in 2004 as a senior dealer and was appointed to associate director in 2014. He was later promoted to the Winterflood board as a director in 2017 and moved to managing director in April 2022.

Close Brothers Chief Executive Adrian Sainsbury said: ‘Philip has made a huge contribution over his many years at Winterflood, successfully navigating a wide range of market conditions including the Covid-19 period, substantially modernising the business and its operations, and driving the development of Winterflood Business Services.’

Shares in Close Brothers were down 2.4% to 997.50 pence each in London on Monday morning.

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