M&G Wealth’s Scotland-based managing director David Montgomery is leaving the company amid further turmoil at the company.

Mr Montgomery was lured back from the US in September 2020 to lead the platform’s £28bn wealth management division.

No reason was given for his departure but it is thought he has been overlooked for one of two divisional chief executive roles that are being created by new CEO Andrea Rossi.

The company has confirmed that Mr Montgomery will stand down at the beginning of August.

His departure comes just days after it was announced that the head of retail and savings Clare Bousfield will be leaving. She was previously chief financial officer, helping to oversee the company’s market listing following its split from Prudential.

The company is replacing her with two CEOs for its wealth and life insurance businesses.

Mr Montgomery who joined M&G Wealth from US-based insurer Transamerica, was thought to be a strong contender for one of the roles, having transformed the wealth business in such a short preriod.