Brooks Macdonald has announced Caroline Connellan will be joining as group chief executive officer in April 2017, subject to regulatory approvals.
Ms Connellan has more than 20 years of experience in financial services, most recently as head of UK Premier and Wealth at HSBC.
She was group strategy director at Standard Life, and prior to this was a consultant at McKinsey.
Ms Connellan started her career as a fund manager with Newton Investment Management in London.
The current chief executive, Chris Macdonald, will remain with Brooks Macdonald in his current role until next April when he will become deputy chairman.
Mr Macdonald will also serve as an adviser to Brooks Macdonald to support the growth and development of the group, and it is his intention to take on the role of chairman in the future.
According to Brooks Macdonald, these changes continue the process begun last year to deepen the group's senior management team whilst enabling the group's co-founder, Mr Macdonald, to evolve his role in line with the strategic objectives of the group.
Chris Knight, chairman of Brooks Macdonald said: "Caroline brings significant wealth management experience that will be critical to delivering the group's strategy and we are confident that she will bring a valuable external perspective which, together with our experienced management team, will enable us to meet our clients' expectations and to drive further growth in our business."
The group also announced its quarterly funds under management results for the quarter ending 30 September 2016 showing discretionary funds under management totalled £8.9bn, an increase of 7.5 per cent in the quarter.
Brooks Macdonald stated this represents all the discretionary funds managed by the group, asset management, funds and international, and this growth was a combination of performance at £451m, and net new business at £170m.
Mr Macdonald said: "Following on from our annual results announcement last month, we have continued to make good progress in the first quarter of our new financial year, with further organic growth in discretionary funds under management.
"This has been achieved in spite of a period of weak client sentiment immediately post the EU referendum. Notwithstanding potential market volatility, we look forward with confidence as we continue to leverage the growing strength of our brand, investment offering and professional intermediary relationships."
Analysis of discretionary fund flows over the quarter
| £m |
Opening discretionary FUM (Jun 16) | 8,301 |
Net new discretionary business | 170 |
Acquisitions | 0 |
Investment growth | 451 |
Total FUM growth | 621 |
Closing FUM (September 2016) | 8,922 |
Organic growth (net of markets) | 2.0% |
Total growth | 7.5% |
Source: Brooks Macdonald
ruth.gillbe@ft.com
