Ms Ferguson, currently deputy CEO and director of operations & IT, has been with the firm since 2012. She was chosen as CEO-designate following a detailed selection process by the board, led by chairman David Cruickshank and incumbent CEO Tim Wood.

She will succeed Mr Wood, who will become non-executive deputy chairman of both McInroy & Wood and McInroy & Wood Portfolios. He will remain on the investment committee and as an ongoing member of the audit committee, as well as chair the remuneration & nomination committee.

Over the next year, Ms Ferguson will work closely with Mr Wood to ensure a seamless transition as part of the firm’s long-term succession planning strategy. She is the first non-family member to become CEO of the business.

As deputy chairman, Mr Wood will be dedicating more of his time to the long-term strategy of the firm, and to supporting the executive team.

Established in 1986 by Alan McInroy and his step-son Victor Wood, McInroy & Wood is a family controlled investment manager providing a highly personalised level of service to its clients and investors – including individuals, families, trusts and charities across the UK and overseas.

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 commented: “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.”

Mr Wood added: “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.”