Michael Morley, the managing director of the wealth operation of Icelandic bank Kaupthing Singer and Friedlander, has stepped down from his role for personal reasons.

Morley was appointed head of Kaupthing Wealth last year. He will be replaced by Iain Stewart who has worked at UK investment manager Singer and Friedlander since 2000, before it merged with Icelandic bank Kaupthing in 2005.