He is expected to take over by 21 January. The company says a further announcement about the transition will be made in due course.

Mr Kiddie joined the board as a non-executive director in January. He has 35 years' experience in asset management and investment oversight and has held senior roles including CEO at BNP Paribas Investment Partners UK and chief investment officer at AMP Capital Investors, ABN AMRO Asset Management and Rothschild Asset Management..

He is currently a non-executive director at Investment Fund Services and Marlborough Fund Managers.

Ian Mattioli, Mattioli Woods CEO and one of the firm’s founders, said: "The board welcomes David to the chairman role and believes that having worked with him closely over recent months he, along with the other recent appointments, creates a board with the skills, experience and capabilities to enter the next phase of the group's development and to deliver our ambitious strategic plan.

"We would like to thank Joanne for her insight and contributions since her appointment in July 2012. In that time, we have seen significant growth and change in the group and we wish her every success for the future."

Ms Lake has served as chairman of the firm for five years, having previously spent four years on the board.