A Scottish investment firm has appointed a chief executive from outside its owning family for the first time.

East Lothian-based McInroy & Wood, which was founded in 1986, has announced that Wendy Ferguson will succeed current boss Tim Wood in June 2025, subject to regulatory approval. At that stage Mr Wood will move into the post of non-executive deputy chairman of both McInroy & Wood and subsidiary McInroy & Wood Portfolios, which is responsible for the administration of MWP’s unit trust funds.

Ms Ferguson, who has worked for the firm since 2012, is currently deputy chief executive and has served as director of operations and IT since 2013. She was chosen as CEO-designate following a detailed selection process by the board, led by chairman David Cruickshank and Mr Wood.

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Ms Ferguson said: “This is an exciting time to be stepping into the role of CEO of McInroy & Wood. Having worked closely with Tim for more than a decade, I am fully dedicated to preserving the strong, family-led culture that underpins our business, and continuing to align our interests with the long-term needs of the individuals, families, trusts and charities with whom we have worked for the past four decades.”

Mr Wood, who will remain on the firm’s investment and audit committees and continue to chair its remuneration and nomination committee, said: “Wendy is ideally placed to lead McInroy & Wood in its next phase of growth. She has a deep understanding of the needs of our clients and a relentless attitude towards delivering excellent client service and value. I am confident that under her leadership, she will preserve the culture of what we have built at McInroy & Wood and lead the firm to new heights.

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“When I assume my new role one year from now, I will have worked for the firm for a quarter of a century, having had the privilege of leading it for the last 18 years. I am hugely proud of what the whole McInroy & Wood team has achieved to date. The firm’s strong culture and its truly personal service has always benefitted our clients and investors.

“As we build on our long-term vision for McInroy & Wood, there are a number of strategic priorities on which I will focus, including increasing awareness of the firm’s activities with individuals and their professional advisers.”

McInroy & Wood, which was founded by Alan McInroy and his step-son Victor Wood, manages £2.2 billion of investments on behalf of clients and investors.