M&G Wealth’s managing director David Montgomery is to leave the business in August, the company has confirmed.

Mr Montgomery, an industry veteran, decided to step down from his role and will leave in the summer.

In a statement this week the company said: “We can confirm that David Montgomery has decided to stand down from his role as managing director of M&G Wealth at the beginning of August. We would like to thank him for everything he has achieved in his time at M&G and wish him all the very best for the future.”

Mr Montgomery became MD of M&G Wealth Management in September 2020 when it was formed, just under three years ago. Prior to that he was COO Customer & Distribution at M&G Wealth.

Before M&G he worked in the US for Transamerica and earlier in his career had roles at Royal Bank of Scotland, Virgin Money and Aegon.

M&G Wealth has not given and reason for Mr Montgomery’s departure but said a search for his replacement is under way.

In June it was revealed that Clare Bousfield, the CEO of retail and savings at M&G plc, will step down in the autumn. The company plans to create two new dedicated CEO roles to lead its wealth and life insurance businesses.

Recently parent company M&G announced it was axing 200 jobs, about 4% of the 5,000 total workforce. The jobs will be lost through voluntary redundancies.