DFM, wealth manager and Chartered Financial Planner Brooks Macdonald has promoted Edward Park to Chief Investment Officer from 1 October 2020.

Mr Park succeeds Brooks Macdonald co-founder Richard Spencer who will continue to serve his clients and act as a senior adviser to the Investment Committee.

Mr Park was appointed deputy chief investment officer at the wealth manager in 2018 and has been working alongside Mr Spencer for over six years as part of the firm’s succession planning. He joined the firm as a graduate trainee in 2009.

Last week Brooks Macdonald reported an 11.1% increase in underlying profit before tax to £23m for its financial year ending 30 June 2020. 

In its results, Brooks said that the company has been through a period of change “emerging a more robust business ready to capitalise on the significant growth opportunities we see ahead.” As part of this plan, the firm said it is looking for further acquisitions.

Mr Park said: “I am thrilled to be given this opportunity and to move to the next step of my career. 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. I look forward to continuing to work with Rich for many years ahead and benefiting from his advice as we deal with fresh investment challenges and opportunities.”

Caroline Connellan, CEO at Brooks Macdonald, said: “As a co-founder, Rich was there right at the beginning of Brooks Macdonald in 1991, aiming to show that wealth management could be done differently. Ever since, he has been a driving force in the success of our business, playing a leading role in our investment approach.

“Following Rich’s decision to step down as CIO, I am delighted to promote Ed into this leadership position after his many years of excellent service.”