Cuthbert has left the firm “to pursue other interests”, according to a statement from the firm. It is not known if he has another role lined up. He had been on garden leave since the end of December.

His replacement, Fraser, has been with the firm for the past six years, the last three of which she has spent as head of the executive team.

Before joining the agency Fraser (pictured top) worked as research manager at the Royal Bank of Scotland.

The firm has also hired Frances Dobson (pictured bottom) as research director. She was previously research manager at the Tenant Services Authority.

Group managing director Carole Oag said: “I believe the team we now have in place puts us in a tremendous position to build on our success and continue to provide an excellent research service to our clients across a broad range of sectors.”