Caroline Connellan’s imminent departure from Brooks Macdonald to lead Standard Life Aberdeen’s personal wealth arm has been described as feeling “premature” given the turnaround she spearheaded at the DFM is still ongoing.
SLA announced on Monday that Connellan (pictured) is joining as chief executive of its personal wealth business, reporting to SLA chief executive Stephen Bird. It did not give a start date as it is understood this is being negotiated with Brooks Macdonald.
Connellan will oversee SLA’s 1825 Financial Planning and its direct-to-customer services, including digital retirement advice. A press release said the move comes as SLA looks to “significantly grow personal wealth under its recently announced unifying single brand Abrdn”.
Connellan is being replaced as Brooks CEO on 1 July by Andrew Shepherd, who is currently deputy group CEO and CEO of the international business. He has 27 years’ experience in financial services and joined Brooks Macdonald in 2002.
A process of handover from Connellan has begun with immediate effect, an RNS announcement said.
Brooks Macdonald chairman Alan Carruthers said: “His [Shepherd’s] 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.”
Connellan led several business initiatives
At Brooks Macdonald, Connellan has overseen growth in funds under management to £15.6bn, an increase in revenue and profit as well as acquisitions and implemented changes to support the business.
In September last year, for example, Brooks Macdonald partnered with a wealth management tech firm to ramp up its digital offering and client service levels to advisers.
Speaking to Portfolio Adviser at the time, Connellan said the firm had achieved its strategy set out in 2017 of reinforcing the foundations of the business, strengthening the senior management team and cost-cutting.
She added the firm was “ready to progress with our bold and exciting next stage of our strategy to achieve our vision of Brooks Macdonald as the leading investment manager for intermediaries”.
‘I don’t think she’s quite finished turning Brooks Macdonald around yet’
Fundscape CEO Bella Caridade-Ferreira said she was “amazed” at Connellan’s departure given it feels like Brooks Macdonald’s transformation is still underway.
“I don’t think she’s quite finished turning Brooks Macdonald around yet, so her departure is a little premature,” she said.
“But she’s tenacious and persistent and that will appeal to Abrdn.”
Bird said of Connellan: “She is an outstanding talent with clear and proven ability in building exceptional wealth management businesses, both organically and via acquisition.”
‘Excited to take the firm forward’
Shepherd said under Connellan’s leadership Brooks Macdonald had gone from strength to strength, adding he was “excited to take the firm forward on the next stage of its growth journey”.
“I take over a strongly performing and well capitalised business with highly talented people and a leading full-service investment management proposition,” he said. “The business continues to deliver successfully against the strategic objectives set out last year, with momentum building.”
Before joining Brooks Macdonald in 2017, Connellan held senior roles at HSBC, including head of UK Premier and Wealth, and before that worked at McKinsey consulting on the asset management and wealth sector. She has also worked at Standard Life and as a private client fund manager with Newton Investment Management.
