The London-based investment house has appointed a Nutmeg executive to take on the role.

Seven Investment Management has appointed Phillip Bungey as its new chief operating officer, replacing Hazel Paton, who is retiring after nine years with the firm.

Bungey was most recently COO at online discretionary investment manager Nutmeg, a role he held since 2014. Before 7IM was launched in 2002, he worked with the firm's co-founders, Tom Sheridan and Justin Urquhart Stewart, at Barclays Stockbrokers. He then held a director role at UBS before creating a new platform at Winterflood Securities.

“We have a terrific array of development plans and there are very few in the market with Phil’s ability to deliver. Phil is going to bolster an already strong management team and give us every opportunity to be a leader in the fintech revolution happening in financial services,” said Sheridan, 7IM’s chief executive.

The firm, which manages £10 billion ($14 billion) of assets, provides investment services to wealth managers, planners and advisors.