His appointment follows last year’s decision by the Dundee-based wealth manager’s parent group to create a separate board for ATS, which looks after £11.5 billion of assets.
Tookey, who spent three years as chief financial officer at Friends Life following a six-year stint at Lloyds, is currently a non-executive director at Nationwide Building Society.
He will serve alongside fellow ATS non-executives Jonathan Anderson and Gregor Stewart, who joined its board in January. Anderson is group controller at insurer LV, while Stewart is deputy chair of parent firm Alliance Trust, which has received an informal takeover approach from RIT Capital Partners.
ATS chief executive Patrick Mill said: “The fact that we have been able to attract such high-calibre board members illustrates the strength of our strategy and business proposition.
“Tim and Jonathan’s extensive experience, alongside Gregor’s expertise and knowledge of ATS, complements the talent within our executive team and will be invaluable in driving the business forward to deliver a meaningful profit in 2016 and beyond.”