Phillips & Drew has appointed Matthew Stemp as chief investment officer to replace Robin Apps, who is leaving now the integration of the firm's investment process with UBS Brinson is complete.

Apps, 40, is leaving to join Michael Dobson's new firm Beaumont Capital Management, where he will manage European, Asian and US equities. This will be a return to a hands-on role for Apps, who spent the last 18 months away from the coalface overseeing the integration of Phillips & Drew with UBS Brinson under the UBS Asset Management umbrella.