Edinburgh investment giant Abrdn said Richard Charnock, its CEO of Discretionary, has decided to retire and will be stepping down from his role in April.

David Driver will become Head of Discretionary.

In an email to clients and advisers, Charnock said: “I have been very privileged to lead the discretionary business since inception in 2007 and I remain proud of the team and of all they have achieved on behalf of our clients.

“However I have decided to retire from Abrdn in April this year — I will be leaving the business in very good hands with minimal changes which of course means that your primary contact will remain the same.

“Following a period of handover, David Driver will become Head of Discretionary.

“David has been a director of the Discretionary business at Abrdn for 12 years and has held discretionary investment management and private client leadership roles for over 20 years.”

An Abrdn spokesperson said: “Richard has been with the firm for many years, building up an extremely successful and well-respected Discretionary business.

“He is known and admired across Abrdn and the wider industry, and we wish him well in his retirement.”