The management transition will see Joseph focus on strategic group initiatives, while also remaining actively involved in Mount Street’s growing investment management activities. All other management functions and reporting lines across the business will reside with Lloyd.

Said Joseph: 'This transition has long been anticipated and should be met with enthusiasm from clients and colleagues alike, with the comfort that Mount Street remains under Paul’s safe direction.

'The business is going from strength to strength and we are both excited about this change while looking forward to delivering continued growth through our focus on excellent client service.'

Mount Street, which will celebrate its tenth anniversary in 2023, recently reached £100 bn (€120 bn) of assets under management.

The firm now has 183 professionals operating through ten offices in key global financial centres across EMEA, USA and Australia.

Said Lloyd: 'This is a hugely exciting time for Mount Street as we reach our tenth year in business. We are now managing over £100 bn of assets and the need for our varied services and products across the credit space, underpinned by our technology-based approach, is growing.

'With the strong platform we have established and our entrepreneurial culture, we are well placed to continue to respond to the structural changes in our industry and I look forward to leading the business into its next phase of growth.'