Brooks Macdonald has announced Edward Park will take over as CIO as co-founder Richard Spencer steps aside.
Park (pictured) joined the DFM as a graduate trainee in 2009 and was promoted to deputy CIO in 2018. He had been working closely with Spencer over the last six years as part of the company’s long-term succession plan, Brooks said.
Brooks touted Park’s appointment as another example of the firm nurturing its home-grown talent and pushing “high-performing individuals” through the ranks into leadership roles.
Earlier this month it installed Ben Palmer, another graduate trainee, as head of its responsible investment service.
“I am thrilled to be given this opportunity and to move to the next step of my career,” Park said commenting on his promotion. “I am proud of the investment process that we have built at Brooks Macdonald, its success in weathering the volatility this year, and our strong investment performance.”
Richard Spencer to remain ‘very much part of the firm’
Spencer will continue to serve his clients and act as a senior adviser to the investment committee, Brooks said.
He co-founded the wealth manager in 1991 alongside former chief executive Chris Macdonald and Jon Gumpel who left the business in 2018 and 2019 respectively.
Spencer said after nearly 30 years he continues to see “enormous growth potential” for Brooks and shared chief executive Caroline Connellan’s enthusiasm for the DFM’s strategy.
“Having worked alongside Ed for many years, I am confident that the investment process will continue to prosper under his stewardship,” Spencer said.
“While I have decided to step down as CIO, I will remain very much part of the firm going forward.”
In a call with Portfolio Adviser last week, Connellan unveiled that Brooks had partnered with a “leading wealth management technology and service company” as part of a bold strategy to propel the business forward. Since 2017 the DFM had been focused on reinforcing the foundations of the business, strengthening the senior management team and cutting costs.
See also: Staff cull helps drive Brooks Macdonald profits
Brooks revealed it had grown assets to £13.7bn for the year ended 30 June 2020 and delivered record profits of £23m despite the fallout from the coronavirus.
