Brooks Macdonald has announced one of the co-heads of its UK investment business has left, prompting a reshuffle of its senior management team.
The investment manager confirmed on Tuesday that 15-year veteran John Wallace would be leaving the business after making a “lifestyle decision” to work closer to home. Wallace will join a local Hampshire-based IFA, the firm said.
“John has been part of the business for the last 15 years and we thank him for his contribution,” Brooks said in a release. “We wish him well as he takes on this new role.”
Robin Eggar becomes sole investment head
Following Wallace’s exit Robin Eggar, who was joint head of the UK investment business alongside him, will become the sole managing director looking after the team.
In addition, Brooks said Alick Mackay will step into the newly created role of director of strategy and corporate development. For the past two years Mackay has been supporting CEO Caroline Connellan (pictured) as a strategy consultant. Mackay will report to Connellan and finance director Ben Thorpe.
Connellan said the senior appointments will play an important part in the group’s growth ambitions and reflects the existing expertise and skills in-house.
“We remain focused on developing and promoting our talent, as well as hiring the right people to complement our capabilities and support the future growth and success of our business,” she said. “Today’s announcement demonstrates that focus.”
In its last set of financial results Brooks revealed outflows had spiked to £506m as it lost out on a £244m contract with Grosvenor Consultancy. However it said revenue and profit were in good shape thanks to its aggressive cost cutting methods which saw the wealth manager axe 50 jobs last year.
