He will take over the role on 1 April from Donald Reid who is to retire at the end of May after nearly 11 years with the business.

Mr Prakash joined the group as chief technology office in September following the completion of the merger of Tilney and Smith & Williamson.

He joined Tilney Smith & Williamson from FTSE 100 utilities group Centria where he was chief consumer digital and information officer. Prior to this he was chief digital and information officer at the UK Department for Work and Pensions.

Chris Woodhouse, chief executive of Tilney Smith & Williamson, said: “Mayank has an impressive track record leading teams and implementing large-scale transformation programmes across the private and public sector. He has already made a significant impact since joining us last September.

"As the new chief operations officer, Mayank will continue to drive our digital investment and innovation agenda forward alongside leading our operations teams to deliver excellent client experience and support the scalability of our fast-growing business.”

Donald Reid will remain with the company in a part time advisory role.