The chief executive of wealth manager and investment provider Close Brothers Group, Preben Prebensen, is to step down as CEO after 10 years to pursue new interests.

The company, which has expanded its Financial Planning and wealth management arm in recent years, said today that Mr Prebensen had “decided that the time has come to step down as chief executive, and move on to the next stage of his career.”

The news comes as Close Bros today revealed a fall in full year pre-tax profit from £271m to £264m. The company achieve higher profits in banking but its asset management and Winterflood securities divisions faced tougher conditions.

The company has now started the search for Mr Prebensen's successor and will consider internal and external candidates, it says. Mr Prebensen will remain with the group for the next 12 months to ensure a “smooth handover.”

Mr Prebensen said: "After ten years as chief executive, it is now time for me to hand over the leadership of Close Brothers.

“It has been a privilege to lead such a special and successful organisation, and I am deeply grateful for the dedication and commitment of our employees and the support of the board during this time. The group is clearly well positioned for the years ahead, with an excellent team in place, and I look forward to working closely with the board over the next year to continue delivering on our strategy and ensure a smooth and successful transition."

Chairman Mike Biggs said: "I am immensely grateful for Preben's strong and successful leadership during a period of significant growth and development for Close Brothers. Preben has refocused, professionalised and strengthened the organisation, while preserving the core values and long-term discipline which are at the heart of our business model.

“The board will now commence a thorough search for a successor, in line with our well-established succession process, to ensure we continue to protect and build on this successful model in years to come."

Close Brothers provides merchant banking, lending, deposit taking, wealth management services and securities trading. It employs more than 3,000 people, mainly in the UK and is a member of the FTSE 250.