Ian Mattioli, founder of wealth manager and SIPP provider Mattioli Woods, is to step down as CEO to take up a new role as Founding President.

He will hand over the CEO role to board chairman and industry veteran Peter Mann.

The changes comes a few months after Mattioli Woods announced it would merge with wealth manager and Financial Planner Kingswood to form a wealth manager with over £25bn in assets.

Both Mattioli Woods and Kingswood, which has faced financial challenges in recent times, are managed and advised by private equity group Pollen Street Capital.

The combined firm is set to serve 25,000 clients across the wealth management, Financial Planning and investment management sectors.

Kingswood warned previously that it may run out of money to service its £91m debt pile. In recent times it has needed several cash injections to repay loans. Kingswood has acquired more than 20 firms, including many Financial Planning businesses, in a rapid expansion strategy.

At the time of the merger being announced, Mr Mattioli his firm’s plans to grow to £60bn in assets and 300 advisers would be considerably boosted by the merger.

Mr Mattioli has led Mattioli Woods, a business he co-founded, for 30 years. His new role as Founding President will see him focusing on client relationships, strategic partnerships, and developing the Mattioli Woods brand.

Peter Mann, currently non-executive chairman of Mattioli Woods, will become CEO subject to regulatory approval. He has had senior roles at Old Mutual Wealth and Skandia UK. Mattioli Woods says he will work closely with Ian Mattioli and Michael Wright, deputy CEO of Mattioli Woods and Pete Coleman, CEO of Kingswood Group.

Mr Mann said: “I am honoured to take on the role of CEO of Mattioli Woods at such an exciting time for our business. As I step into the role of chief executive, my priority is on ensuring a smooth transition and building momentum for the next phase of the firm’s growth."

The company says the leadership transition will take effect this month with the merger due to complete about the same time.