Lara Dugdale

Lara Dugdale

Women entrepreneurs and workplace equality at Women entrepreneurs and workplace equality
I write about women entrepreneurs and workplace equality.
Lara Dugdale

Chris Macdonald is leaving the position of CEO at the wealth management firm he gave his name to — Brooks Macdonald. The group has disclosed it poached Caroline Connellan from HSBC’s UK wealth business to join group assuming the CEO position next year.

Providing the regulatory approvals are received, Macdonald will assume the post of deputy chairman of the group with effect from April 2017 when Connellan joins as CEO.

Macdonald will continue serving as an adviser to the firm maintaining its growth and development, with the aim of taking on the chairman position in the future.

At HSBC Connellan was head of UK premier and wealth, leading the transformation of the UK wealth business.

Connellan has over 20 years of experience in financial services. She was holding the post of a fund manager at Newton Investment Management, prior serving as a group strategy director and head of the chief executive office at Standard Life and management consultant for McKinsey & Company.

Macdonald was one of the founders of Brooks Macdonald Gayer & Co in 1991, it listed on AIM in 2005 and now has AUM of almost £9bn.

The group stated the changes were brought with the view to reinforcing the group’s senior management team while also giving Macdonald the possibility to evolve his role in line with the strategic missions of the firm.

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In a FUM update, the firm has also revealed that in the last three months to 30 September, discretionary funds under management experienced a 7.5% increase, making it £8.9bn from £8.3bn.

It boasted net new discretionary increase of £170m while investment growth added £451m.

Macdonald commented: “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.”

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