Professional services provider Equiom has appointed Mark Porter as chief executive officer.

He will take up the position once the necessary regulatory approvals are in place.

Mr Porter takes over the leadership of Equiom from Sheila Dean, who has led the business since 2006 and will take on the role of non-executive chairman of the group.

A spokesman said the appointment of a new chief executive is a milestone for Equiom, which is based in Jubilee Buildings, Victoria Street, Douglas.

Mr Porter has spent more than 30 years in the asset management and investor servicing sectors, most recently as chief executive of MUFG Investor Services and previously as chief executive of UBS Fund Services.

He will lead a team of 590 people across 21 locations around the world.

Mrs Dean said: ’We are delighted to have Mark on board.He brings a wealth of experience with him as we continue to grow and build a leading global professional services business. With Mark’s leadership, alongside our strong executive committee and our investors at Värde and LDC, I’m excited about the future for Equiom Group and wish Mark all the very best in his new role.’

Elena Lieskovska, partner and head of European financial services at Värde Partners, the largest shareholder, said: ’Mark’s expertise in leadership, strategy, operational execution, combined with relevant experience in fund services and listed businesses will be invaluable to Equiom and we’re delighted with his appointment.’

Mr Porter said: ’It is extremely exciting to be joining Equiom at a time of huge potential for the sector and for Equiom in particular.

’I look forward to complementing the talent that Equiom undoubtedly has with my experience in leading and advising firms in the fiduciary and funds space, and in both an institutional and private equity-backed environment.

’I look forward to working with Sheila and the whole Equiom team to help realise that potential.’