Kingswood Holdings, the international, fully integrated wealth and investment management group, said today (5 July) that David Lawrence has resigned as chief executive and that Peter Coleman has been appointed as interim chief executive officer "with immediate effect".

Coleman will also join the board, subject to FCA regulatory approval, while a process to appoint a permanent CEO will commence shortly.

The statement did not give a reason for the sudden departure of David Lawrence (pictured).

However, the AIM-listed company highlighted that during Lawrence's tenure, the business had experienced its most transformative time, acquiring over 20 businesses, with the team growing to around 400 colleagues and the group achieving double digit levels of annual growth.

Coleman is an FCA (Fellow Chartered Accountant) and has a vast amount of experience across a range of executive leadership roles, including as CEO, CCO and CFO, and in particular extensive industry experience from his time at Succession Wealth and Wealth Wizards and as CEO of national IFA Positive Solutions.

David Hudd, chairman, said: “On behalf of the Board, I would like to thank David Lawrence for his outstanding contribution to Kingswood’s success and to congratulate Peter Coleman on his new role. Peter comes with strong credentials and I am sure he will bring much energy to an already strong business.”

Lawrence said: “The last four years have been a transformative period for Kingswood. It is now a highly professional business with equally strong investment management credentials, and with the support of our primary investors, Pollen Street Capital has made and integrated over 20 acquisitions with AuA/M now approaching £10bn.

"We would not have achieved any of this without the unstinting commitment of all of our colleagues, our investors and our board, whose support during my tenure I am deeply thankful for.”

Coleman said: “I’m delighted to join Kingswood at this exciting time for the business. Kingswood has grown rapidly and has solid foundations, and I look forward to continuing the work to deliver a first class service to our clients and wealth planners through operational excellence.”