Cavanagh co-founders exit Close Brothers

Simon Redgrove and Andrew Fay are to exit Close Brothers Asset Management, three years after it acquired their firm Cavanagh for £26m.

Fay was head of wealth management, while Redgrove was head of personal advice. The pair saw their wealth management firm Cavanagh bought by Close Brothers in April 2011. Fay had been chief executive of the group, while Redgrove was managing director. At Close, their roles will be taken over by Andy Cumming, who is currently head of Close's wealth management business in Scotland. Martin Andrew, chief executive of Close Brothers AM, said: "Andy and Simon have played a major role in CBAM's development over the last few years since our acquisition of Cavanagh in 2011. I would like to t...