The duo who founded the consultancy and research business around 20 years ago are stepping down from day-to-day management of the business, which is now under new leadership.

A familiar face in wealth management consulting and research, Sebastian Dovey, is stepping down from day-to-day management of Scorpio Partnership, the business he founded with Catherine Tillotson in 1998.

Scorpio's parent company, McLagan - the former was acquired in 2014 - today also anounced that Mark Miles, European head of wealth management at McLagan, will take over leadership of Scorpio. (McLagan is part of Aon, the financial services group.)

In this new role, Miles will be supported at an executive level by directors Caroline Burkart and Annie Catchpole in Europe, associate partner David Lo in the US and Pathik Gupta in Asia-Pacific. He will report in to Peter Keuls, global head of wealth management and practice lead for performance at Aon.

Miles, who joined Aon in January 2015, has over twenty years of consulting and industry experience in financial services, largely focused on the private banking and wealth management sector.

Scorpio has client relationship teams in London, New York and Singapore and has served more than 300 financial institutions in over 30 countries.

“We have worked for many years to ensure the voice of the client is central to the wealth management industry,” Dovey and Tillotson said in a statement “Through AoN, we have been able to expand the reach, depth and breadth of Scorpio’s client engagement capability and had the pleasure of building an international team of talented professionals. This publication understands that Dovey and Tillotson will continue to be involved in the business and intend to pursue other opportunities in and around the Aon group.

Dovey has been a regular commentator for this publication and also a valued source of advice about trends in the industry. Stephen Harris, publisher of this news service, said: "Seb has been a great force for change and ideas in the wealth management sector, as well as a good friend of our publication and we wish him and Catherine well in the future."