Paine, who is chief executive of Meyado Private Wealth Management Singapore, will acquire all of Young’s shares in the Meyado Group, Meyado International and Meyado Private Wealth Management London, subject to regulatory approval.
Young, who founded the company in 1993, said he had no doubts that Paine was well positioned to steer the commercial activities of the company globally.
“Mark has been with the company for over 20 years and has experienced all of the different management functions internationally and his extensive knowledge of the industry is comprehensive,” he said.
Paine said he was hugely positive about the business prospects in Asia, the Middle East, Europe and the UK.
“I will be looking forward to building on our previous success of over twenty years and also to growing the business strategically and in collaboration with our partners around the world.
“The company will be working more closely with its International affiliates to give it more breadth and scale especially in terms of assets under management and consolidated recurring income streams,“ he said.
Meyado Private Wealth Management is a global player in the investment industry with 80 executives employed in five countries with 3,500 clients. It manages around £500m ($611m, €556m) in assets and the Meyado Group has subsidiaries in Europe, Asia and the Middle East.