Stewart Murray has been appointed to the position.

He will also be chief investment officer, a role he has shared with Stephen Watson since he joined the fund management group in August 2016.

Mr Watson relinquishes this post, but remains a member of BIM’s investment governance committee and has been appointed a non-executive director of BIM’s parent company, the Beaufort Group.

Mr Murray was previously head of equities at Rowan Dartington and has held a number of senior posts in investment management in Edinburgh and London, including Munros Capital Management.

Mr Murray said: “I am exceptionally privileged to have the opportunity to lead the company into the next phase of its development and I look forward to broadening the scope of our proposition.

“There are significant opportunities for a progressive DFM like ours. I have been most impressed with the robustness of the systems and controls and our investment process which has delivered a strong long-term track record of investing”.

Simon Goldthorpe, group chairman of the Beaufort Group, said: “Stewart’s appointment and now promotion is a clear sign of the group’s determination to grow funds under management in a steady and measured way. Our ambition is to expand the range of funds and to have some £2.5 billion under management within five years

“Stephen Watson has made a considerable contribution, as CIO, where he has successfully developed and grown the company. We are delighted that he has agreed to strengthen our board as non executive director”.

BIM has some £670 million under management in a range of 42 model portfolios.