Smith & Williamson has announced details of its new senior management team following the retirement of current chairman Gareth Pearce, who has spent 27 years with the accountancy and investment management group.

David Cobb and Kevin Stopps are appointed co-chief executives of the firm, which is ranked eighth in the UK, while Andrew Sykes becomes chairman of the board.

Both Cobb and Stopps have over 25 years' experience at the firm, including working as members of the board. Cobb became head of investment management and banking in 2007 and Stopps took the lead for the tax and business services division in 2010.

They will each remain responsible for the management of their respective divisions and describe their joint ambition for the firm as 'evolutionary, not revolutionary'.

Sykes, who will have a non-executive role, said: 'The long-term success of Smith & Williamson is closely linked to the synergies between our service lines and the new management structure reflects the balance of emphasis we maintain between them.'

The firm, which focuses on serving the financial needs of private clients and their business interests, dates back over a century and is independently owned, with 1,500 people, including 283 partners/directors and 12 principal offices in the UK and Ireland.

Stopps said: 'David and I are excited to lead the firm in the next phase of its evolution, driving the growth of one business with complementary service lines. We continually seek to enhance the way our people work together to provide the comprehensive and integrated service to clients for which we are known.'

Under the leadership of Pearce, who joined the firm in 1986 as head of corporate finance and became chairman in 2000, Smith & Williamson grew rapidly, with operating income increasing from £27.5m in 1995 to £185.8m for the year ended 30 April 2013.