Mr Montgomery, an industry veteran, decided to step down from his role and will leave in the summer.

In a statement this week the company said: “We can confirm that David Montgomery has decided to stand down from his role as managing director of M&G Wealth at the beginning of August. We would like to thank him for everything he has achieved in his time at M&G and wish him all the very best for the future.”

Mr Montgomery became MD of M&G Wealth Management in September 2020 when it was formed, just under three years ago. Prior to that he was COO Customer & Distribution at M&G Wealth.

Before M&G he worked in the US for Transamerica and earlier in his career had roles at Royal Bank of Scotland, Virgin Money and Aegon.

M&G Wealth has not given and reason for Mr Montgomery’s departure but said a search for his replacement is under way.

In June it was revealed that Clare Bousfield, the CEO of retail and savings at M&G plc, will step down in the autumn. The company plans to create two new dedicated CEO roles to lead its wealth and life insurance businesses.

Recently parent company M&G announced it was axing 200 jobs, about 4% of the 5,000 total workforce. The jobs will be lost through voluntary redundancies.