JBWere, the private wealth management firm owned by National Australia Bank, is looking for a new chief executive after its long-time CEO announced that he is leaving.

Paul Heath has been with the company for the past 19 years, the most recent eight of which were spent heading the firm as CEO. Heath has been instrumental to the growth of JBWere and had led the company when it formed a private wealth management alliance with NAB in 2009.

He officially steps down from his post in mid-July and before then will continue to serve as CEO to facilitate a smooth transition for when an interim head is named. The company did not give any reason for Health's departure, but said that the NAB and JBWere boards are now searching for his permanent replacement.

NAB acquired JBWere in 2009 for $99 million from US-based Goldman Sachs.