Brooks Macdonald appoints CEO as Connellan steps down

Brooks Macdonald appoints CEO as Connellan steps down

Brooks Macdonald has appointed Andrew Shepherd as group chief executive officer, succeeding Caroline Connellan who is leaving for Standard Life Aberdeen. 

Shepherd is currently group deputy chief executive, and chief executive of the group’s international business. He joined the firm in 2002, and is also chairman of the two legal entities within the international business.

Shepherd will take up the role on July 1 as Connellan leaves to become chief executive of personal wealth at Standard Life Aberdeen. 

Shepherd said: "I take over a strongly performing and well capitalised business with highly talented people and a leading full-service investment management proposition. The business continues to deliver successfully against the strategic objectives set out last year, with momentum building.  

“I am confident in the future prospects of the group and look forward to working with everyone to continue both to create shareholder value and to deliver robust investment performance and outstanding service for our clients and intermediaries."

Alan Carruthers, chairman of Brooks Macdonald, added: "I am very pleased to announce Andrew's appointment as group chief executive. 

"His unrivalled experience and knowledge of the industry, and commitment to Brooks Macdonald, position him uniquely to lead the group and build on its significant momentum. I am confident he will continue this progress and drive forward our strategic vision for Brooks Macdonald as the leading investment manager for intermediaries."

In April, the firm saw a turnaround in its performance as it hailed its "best quarter of the financial year to date".

The firm's FUM increased 0.9 per cent in the three months to March, ending the period at £15.6bn, after it saw positive inflows for the first time in a while.

It had reported £261m in net outflows in October as investors withdrew cash from all of its services except its international proposition.

This followed a rocky financial year to June in which investors pulled £774m of cash from both its discretionary and funds arms.