Tracey Davidson has been appointed chairman of investment manager Heartwood from today and will also assume the new role of deputy CEO of Handelsbanken, Heartwood’s parent company.

Ms Davidson has been CEO of Heartwood, a UK investment and wealth management firm, since July 2014.

Her move is part of a number of senior changes which will see a hunt launched for a new CEO for Heartwood to replace her.

She will take over as chairman of Heartwood from Michael Broom, who will remain on the board as a non-executive director.

Simon Dixon, head of Handelsbanken Wealth Management, will take the position of acting CEO at Heartwood with effect from today while a recruitment process is undertaken.

Ms Davidson has overseen Heartwood’s wealth and asset management business since the company became part of Handelsbanken in the UK in 2013.

Handelsbanken’s wealth management arm, Handelsbanken Wealth Management, employs a number of wealth managers and Financial Planners.

She said: “I am excited to take on this new position and look forward to working closely with our UK CEO doing all I can to help our fantastic UK bank on to the next phase in its growth.

“I am also delighted to continue my relationship with Heartwood as chairman, particularly at this time when we are seeing growing demand for our sustainable investment solutions. Sustainability has long been a natural component of our fundamental values throughout the Handelsbanken Group.”