Tilson hands over baton at asset manager Tilman Brewin Dolphin

Veteran fund manager Ray Tilson has stepped down as chief executive of Dublin-based asset manager Tilman Brewin Dolphin, a company he founded in 1995.

Mr Tilson informed clients of his decision last month. He will remain as an executive director and continue with his client work.

‘Time is right’

He has been succeeded by

Matt Minch

, who has been with the firm from the outset and was previously a portfolio manager with responsibility for compliance activities. Mr Tilson told clients the “time is now right [to step down] “.

After . . . nearly 40 years in the financial services sector in total, I feel it is an appropriate time to step back and prioritise my life a little differently.”

An accountant by trade, Mr Tilson was previously head of private clients at Goodbody Stockbrokers.

He owned 61 per cent of Tilman when it was sold to Brewin Dolphin in 2011 for €36 million, of which €15.5 million was due in December of this year pending certain financial targets being met.

Tilman Brewer Dolphin’s latest accounts show its pretax profits fell 22 per cent to €1.06 million in the year to the end of June 2013.