Pierce joined Succession as chairman in November 2009. He has considerable financial services experience, in both executive and non-executive roles. His past appointments include senior independent non-executive director at Tesco Bank, senior vice president of American Express, chief executive of Robson Rhodes and a main board director of Guardian Royal Exchange.

“Succession’s plans, strategies, and vision remain unchanged,” Pierce said. “Thanks to the strong foundations that Simon built, Succession is exceptionally well-equipped for the future.”

“The best way we can honour Simon's memory is to redouble our efforts to bring his dream to fruition,” he added. “I know he would expect nothing less.”