Wealth manager Utmost Group has recruited private equity veteran James Fraser to be its first new independent non-executive chairman with immediate effect.

Mr Fraser was previously a non-executive director at Hermes Fund Managers and was a partner and head of financial services at private equity firm Permira Advisers.

He is also chairman of the Risk and Compliance Committee of Duologi, a specialist lending business.

Mr Fraser's long experience in financial services includes spells as a director at wealth manager and Financial Planner Tilney Group and he also worked for Just Group.

Mr Fraser is the first independent non-exec chairman of Utmost Group as the position is newly created.

The group has also appointed Gavin Palmer as an independent non-executive director. He will serve as chairman of the newly formed Group Audit, Risk and Compliance Committee.

He was an actuarial partner at KPMG with experience advising UK and European insurance companies. He previously worked as a principal at Tillinghast / Towers Perrin and was chief executive and chairman of Towers Perrin Capital Markets. He is a Fellow of the Institute of Actuaries.

Utmost Group has been on the expansion trail in recent years and acquired Quilter’s cross-border platform Quilter International in April for £483m to add to Utmost’s International arm.

As of 30 June 2021, Utmost Group has about £38bn in Assets Under Advice and 500,000 customers.