Sir Stanley Kalms is stepping down as Conservative Party treasurer.

Iain Duncan Smith announced on Tuesday that George Magan would now take up the post.

Sir Stanley, who has held the post for two years, said it had been an honour to serve the party.

"I would like to thank, Iain Duncan Smith, Theresa May, the party board, my fellow treasurers and my team for their support," he said.

Announcing the decision, the Conservative leader thanked Sir Stanley for his "invaluable support to me and to the party".

"He has made a major contribution towards putting the party on a sound financial footing and has helped to create a political and campaigning machine capable of delivering victory at the next election," Duncan Smith said.

Magan, one of the founders of Hambro Magan, is currently a partner in Rhone Group plc, a private equity company with its headquarters in New York.

He is a director of a number of other companies involved in investment banking and private equity. He was previously chairman of Hawkpoint Partners Ltd and assisted in the creation and separation of the firm from NatWest plc.

He is also involved in raising funds for the National Society for the Prevention of Cruelty to Children and from 1996 to 2001 he was a trustee of the Royal Opera House.

"It is a great honour to follow in Sir Stanley's footsteps as treasurer of the Conservative Party," said Magan.

"I will be working night and day to help Iain and the Party to ensure a Conservative victory at the next general election."