Saunderson House has promoted head of research Andrew Birt (pictured) to become investment director.

Birt joined the firm in 2002, and had headed research at the business since 2015. Former investment director Chris Sexton departed in October last year.

Chief executive Tony Overy said: 'I am delighted that Andrew has been appointed to this role. He is a strong advocate of our value investing philosophy and has played an integral part in developing the Saunderson House investment process.'

Birt had earlier served as an associate director of investments, having joined as a financial planner.

Saunderson House was briefly put up for sale by troubled parent group IFG early last year, as the business raised cash to help cover the cost of historical liabilities taken on via a purchased portfolio of Sipp contracts.

It reversed that decision two months after putting it up for bidding, saying the offers it had received 'reaffirmed the strength of the business, its leading market position and its attractive long-term growth prospects'.

A boardroom reshuffle and retention payments following its decision to abort the sale cost IFG Group £3.2 million in the first half of the year.