Brooks Macdonald is to bring in HSBC’s wealth management specialist Caroline Connellan to succeed founder Chris Macdonald as its chief executive.
Brooks Macdonald announced the plans in a statement earlier today, alongside a separate statement announcing an increase in the firm’s funds under management, for its first quarter (ending 30 September) up 7.5% to £8.92bn.
Connellan, 43, will be joining Brooks Macdonald as group chief executive form April 2017, subject to regulatory approvals.
Chris Macdonald will remain with Brooks Macdonald in his current role of chief executive becoming deputy chairman with effect from April 2017. As deputy chairman, he will also serve as an adviser to Brooks Macdonald to support growth and development at the firm. And it is the intention of the board that subject to shareholder approval he would take on the role of chairman in the future, the statement read.
Connellan has more than 20 years experience in financial services, most recently as Head of UK Premier and Wealth at HSBC where she has led the transformation of the UK Wealth business. Prior to this she held a number of senior corporate roles, including Group Strategy Director at Standard Life, and had extensive experience in the wealth and asset management sector as a consultant at McKinsey. Caroline started her career as a Fund Manager with Newton Investment Management in London.
Chris Knight, chairman of Brooks Macdonald, welcomed Connellan’s “significant wealth management experience” in announcing the appointment. He also called Macdonald “central” in the foundation, development and significant growth of Brooks Macdonald over the last 25 years and welcomed him to his new role as deputy chairman.