Brooks Macdonald
| Company type | Public |
|---|---|
| LSE: BRK | |
| Industry | Wealth Management |
| Founded | 1991 |
| Founders |
|
| Headquarters | London, United Kingdom |
Key people |
|
| Products | |
| Revenue | £128.48 million (2024)[1] |
| £6.58 million (2024)[1] | |
| AUM | £18.6bn (March 2025)[2] |
Number of employees | c. 450 (2024)[1] |
| Website | www |
Brooks Macdonald Group plc is a British wealth management company headquartered in London[3] with eleven offices across the UK. The company provides discretionary investment management, financial planning, and fund management services for private high net worth individuals, pension funds and institutions.
History
[edit]Founding and listing
[edit]Initially named Brooks Macdonald, Gayer & Co, the company was founded in 1991 by Chris Macdonald, Jonathan Gumpel, Richard Spencer and Martin Mullany.[4]
By 1993, the company reached £250 million in funds under management.[4] In 2002, the company incorporated Brooks Macdonald Group plc.[5]
The company began trading on the Alternative Investment Market of the London Stock Exchange (AIM) in 2005.[6] Chris Macdonald was CEO of the listed business.
2000-2009
[edit]Funds under management by Brooks Macdonald exceeded £1 billion in 2007,[7] the business opened a Manchester office in the same year.[4]
In 2008, Chris Macdonald stepped back from his role as Chief Executive Officer and Managing Director. Macdonald remained CEO but Nick Holmes and Andrew Shepherd were appointed as joint managing directors.[8]
In 2009, Brooks Macdonald completed its first major acquisition, purchasing UK-based fund manager Lawrence House.[9] In in the same year, the company opened its first branch in Scotland.[10]
2010-2019
[edit]The company made its second major acquisition in 2010, purchasing property firm Braemar Group.[11] In 2010 funds under management exceeded £2 billion for the first time. The company paid its first dividend in this year.[4]
In August 2011, the company acquired the investment arm of law firm Clarke Willmott, gaining £120 million of discretionary client assets[12] in the transaction. In the same year, Brooks Macdonald unveiled a new funds business which had £100 million in assets under management at launch.[13]
Funds under management for the company surpassed £3 billion[4] in 2012. In November of that year, Brooks Macdonald acquired Spearpoint, a discretionary fund management service provider based in the Channel Islands.[14]
Brooks Macdonald acquired DPZ Capital[15] and Levitas Investment Management Services[16] in 2014, taking funds under management to a total of more than £6 billion.[4]
Andrew Shepherd was promoted to deputy chief executive[17] in August 2015.
In April 2017, Chris Macdonald stepped down as chief executive. Caroline Connellan was announced as his successor.[18] In the same year, Brooks Macdonald opened its first office in Wales.[19]
In March 2019, Andrew Shepherd was appointed CEO of Brooks Macdonald International.[20] Later that year the company acquired Scotland-based Cornelian Asset Managers; the acquisition increased Brooks Macdonald's funds under management by around 10%.[21]
2020-present
[edit]In 2020, Brooks Macdonald acquired Lloyds Bank International's offshore management and funds business.[22]
Andrew Shepherd was appointed Brooks Macdonald's chief executive officer in 2021, succeeding Caroline Connellan, who departed the business.[23]
Brooks Macdonald acquired Warwickshire-based independent financial adviser Integrity Wealth[24] in September 2022. In the same month the company announced the purchase of Manchester-based Adroit Financial Planning, adding a further £350 million in assets under management to the firm.[25]
Also in September it was reported that the company had responded to the cost of living crisis by giving staff who were earning £50,000 per year or less a £1,000 pay rise to combat the increase in utility price cap.[26]
In August 2023, the company partnered with UK charity Family Business United, supporting the financial planning and investment management of 250 companies in the UK.[27]
In March 2024, the international division of Brooks Macdonald was placed under review.[28] In June, Andrew Shepherd announced his decision to retire. Chief Financial Officer Andrea Montague was announced as his successor and CEO designate.[29]
In September 2024 the sale of Brooks Macdonald International to Canaccord Genuity Wealth Management Limited was announced. .[30] In February 2025, the sale was completed.[31]
In September 2024, Brooks Macdonald announced the acquisition of Lucas Fettes financial planning in Norwich which was completed on 2 December.[32]
Andrea Montague became CEO on 1 October 2024.[33]
In October 2024, Brooks Macdonald announced the acquisition of LIFT-Financial Group in Altrincham.[34] The acquisition was completed in February 2025.[35]
In November 2024, Brooks Macdonald completed the acquisition of CST Wealth Management in Wales.[36]
In January 2025 Brooks Macdonald announced its intention to move from AIM to a listing on the FTSE Main Market.[37] On 28 February Brooks Macdonald was admitted to the FTSE Main Market.[38]
Current operations
[edit]As of March 2025, Brooks Macdonald had £18.6 billion in funds under management.[39]
Management and governance
[edit]Having founded the business in 1991 alongside Richard Spencer, Jonathan Gumpel and Martin Mullany,[4] Chris Macdonald served as chief executive officer for 25 years before he was succeeded by Caroline Connellan in April 2017.[40]
Connellan left the company in 2021, replaced by Andrew Shepherd,[23] who had previously served as managing director[8] and deputy chief executive[17] since joining Brooks Macdonald in 2008.
In 2023, Maarten Slendebroek was appointed chairman and non-executive director following the departure of Richard Price;[41] Andrea Montague was appointed executive director and chief financial officer.[42]
Shepherd was the company's CEO until 2024, when he announced his retirement. Andrea Montague, CFO, was named as his successor - CEO designate - and she became CEO in October 2024.[29]
In 2024, Richard Larner and Michael Toolan were appointed Co-Chief Investment Officers succeeding Edward Park.[43]
Founder Richard Spencer remains at the firm as senior adviser to the Investment Committee. He previously served as chief investment officer.[44]
References
[edit]- ^ a b c "Brooks-Macdonald-plc". Financial Times.
- ^ "London Stock Exchange | London Stock Exchange".
- ^ Angier, George (13 February 2023). "Brooks Macdonald names Leeds and Manchester Investment heads". Portfolio Adviser.
- ^ a b c d e f g Bucak, Selin (26 October 2016). "How Chris Macdonald built Brooks into a 9bn company". Citywire Wealth Manager.
- ^ "Brooks Macdonald Asset Management Limited". Gov.uk.
- ^ Dorrell, Chris (27 February 2023). "Brooks Macdonald chair Carruthers resigns due to ill health". City AM.
- ^ Owen, Christopher (22 January 2008). "Brooks Macdonald Breaks Billion Barrier". WealthBriefing.
- ^ a b Campbell, David (30 October 2008). "Christopher Macdonald steps back from dual role at Brooks Macdonald". Citywire Wealth Manager.
- ^ Parker, Charlie (7 September 2009). "Brooks MacDonald acquires Lawrence House fund managers". Citywire Wealth Manager.
- ^ Levy, Danielle (20 July 2009). "Brooks MacDonald to launch Edinburgh operation". Citywire Wealth Manager.
- ^ Goodburn, Matthew (8 June 2010). "Brooks MacDonald's £4 million cash offer for Braemar Group accepted". Citywire Wealth Manager.
- ^ Parker, Charlie; McGagh, Michelle (5 August 2011). "Brooks MacDonald gains £120 million buying Clarke Wilmott". Citywire Wealth Manager.
- ^ Lobo, Dylan (4 July 2011). "Brooks Macdonald unveils £100m funds business". Citywire Wealth Manager.
- ^ Miloudi, Sarah (16 November 2012). "Brooks' FUM to hit £4.5bn on Arch Cru fund manager buyout". Citywire Wealth Manager.
- ^ Lobo, Dylan (14 April 2014). "Brooks Macdonald buys Jersey wealth firm DPZ Capital". Citywire Wealth Manager.
- ^ Little, Stephen (1 August 2014). "Brooks Macdonald Completes Levitas Acquisition". Wealth Briefing.
- ^ a b Philipps, James (4 August 2015). "Brooks Macdonald appoints deputy chief executive". Citywire Wealth Manager.
- ^ McGachey, Kristen (11 April 2017). "Brooks Macdonald CEO passes reins to Connellan". Portfolio Adviser.
- ^ Fantato, Damian (31 July 2017). "Brooks Macdonald hires ex-rugby player for Welsh Office". FT Adviser.
- ^ "Andrew Shepherd named CEO of Brooks Macdonald International". Channel Eye. 30 March 2019.
- ^ Tew, Imogen (22 November 2019). "Brooks Macdonald buys Edinburgh DFM". FT Adviser.
- ^ Tew, Imogen (24 June 2020). "Brooks Macdonald buys Lloyd's wealth management arm". FT Adviser.
- ^ a b Hickey, Sally (17 May 2021). "Brooks Macdonald appoints CEO as Connellan steps down". FT Adviser.
- ^ Hinchliffe, Ruby (15 September 2022). "Brooks Macdonald shirks 'IFA consolidator' label but eyes more deals". FT Adviser.
- ^ Matthews, Jane (30 September 2022). "Brooks Macdonald buys Manchester-based IFA". FT Adviser.
- ^ McGachey, Kristen (21 September 2022). "Brooks Macdonald hikes pay for low earners to combat cost-of-living crisis". Financial News.
- ^ Kyriakou, Simoney (21 August 2023). "Brooks Macdonald to be wellbeing partner for UK family firms". FT Adviser.
- ^ Mendel, Jack (7 March 2024). "Brooks Macdonald: Wealth Manager puts 'behind plan' international arm under review". City AM.
- ^ a b Brown, Jenna (24 June 2024). "Brooks Macdonald names Andrea Montague as next CEO". Investment Week.
- ^ "Sale of Brooks Macdonald International".
- ^ "Sale of Brooks Macdonald International completed".
- ^ "Acquisition of Lucas Fettes completed".
- ^ "Confirmation of Director resignation and new CEO".
- ^ "Acquisition of LIFT".
- ^ "Completed acquisition of LIFT-Financial Group".
- ^ "Acquisition of CST Wealth Management".
- ^ "Quarterly FUM & Intention to Move to Main Market".
- ^ "Update on Intention to Move to the Main Market".
- ^ "Third Quarter FUMA Update".
- ^ Shepherd, Damian (17 May 2021). "Standard Life Aberdeen appoints Caroline Connellan as new CEO of personal wealth". City AM.
- ^ Williford, Hannah (27 November 2023). "Brooks Macdonald appoints former Jupiter CEO Maarten Slendebroek as chair". Portfolio Adviser.
- ^ Rach, Sonia (15 June 2023). "Brooks Macdonald appoints CFO". FT Adviser.
- ^ Hug, Caroline (31 January 2024). "Brooks Macdonald names two CIOs to replace Park". Citywire.
- ^ Esnerova, Daniela (24 September 2020). "Brooks Macdonald co-founder Spencer steps down as CIO". Money Marketing.