The UK-based investment and wealth manager that is part of the Thomas Miller Group is yet to find a replacement.

Mike Balfour is to step down from his position as chief executive of Thomas Miller Investment after five years at the helm of the company.

Balfour will leave at the end of January 2016. He joined Thomas Miller Investment in July 2009, initially as chief investment officer, and has been chief executive for almost five years.

“He has been instrumental in creating and developing a solid business platform for the business, which is set fair for the future,” said Bruce Kesterton, chief executive and executive director of Thomas Miller Group and chairman of Thomas Miller Investment.

“We are very grateful to Mike for his enormous efforts over the last five years and wish him all the best in the future.”

Kesterton added that Balfour will continue in his role and manage the business while a replacement is secured.

Thomas Miller Investment provides investment and wealth management solutions to private and institutional clients. It has £2.9 billion ($4.4 billion) in funds under management.