Rathbones has announced the appointment of two co-chief investment officers following the decision by Chillingworth to retire next February.

Elizabeth Savage and Edward Smith will take up the roles as co-chief investment officers of Rathbone Investment Management, with immediate effect. Savage and Smith are,currently head of research and head of asset allocation research respectively and in their new roles will lead the newly created ‘CIO office,' reporting to Rathbone Investment Management managing director, Ivo Darnley.

A chief investment officer for Rathbone Unit Trust Management will be announced in due course, the company said in a statement earlier today. Over the coming months, Chillingworth will work closely with all investment teams to ensure a smooth and successful transition. 

Following a 20-year career at Rathbones, most recently as chief investment officer across the business, and with more than 40 years in the investment industry, Chillingworth leave Rathbones with "a robust investment process with a deep research capability".

With the business having grown significantly in recent years, his responsibilities have now been divided, with dedicated investment leadership

roles for Rathbone Investment Management and Rathbone Unit Trust Management needed

Paul Stockton, pictured left, chief executive, Rathbones said: "There will be many chances to thank Julian over the coming months, but I would like to take this early opportunity to recognise his significant contribution to Rathbones over the past 20 years. During that time, global markets have changed almost beyond recognition, and Julian has played an enormous part in steering us through both calm and turbulent waters. Our warmest wishes go to him for a long and happy retirement. 

"A robust and dynamic investment process is critical to Rathbones being able to deliver strong investment returns into the future, and we are very fortunate to have the individuals who have played a crucial role in the development of our in-house research and strategic asset allocation skills, with the capability to step-up and lead us into the future."

Stockton confirmed that Savage and Smith will assume lead responsibilities for the day-to-day management of particular areas but will be jointly responsible for the investment process and its delivery. 

"Following a full external recruitment process, I would like to congratulate both of them, knowing they will work seamlessly to lead a CIO office that represents a modern solution for our business, and establishes a strong platform for the future investment performance for our clients," he added.