People Moves

Brooks Macdonald Streamlines Distribution; Names Channel Islands, Isle Of Man Head

Amanda Cheesley Deputy Editor 30 January 2024

Brooks Macdonald Streamlines Distribution; Names Channel Islands, Isle Of Man Head

As part of the distribution shake-up, Richard Hughes has stepped down from the role of international CEO.

UK-based wealth manager Brooks Macdonald has appointed Mark O’Connor to the newly-created role of managing director for the Channel Islands and the Isle of Man. 

The firm said it is streamlining its focus on two distribution channels, direct to private clients and via financial advisors, rather than being split by geographies and having a separate international business. As part of this change, the role of international CEO will no longer exist, which is why Richard Hughes has stepped down from this position. He will join fund administrator JTC Group as group head of its commercial office, after more than 10 years at the firm.

O’Connor, who has also been with the firm for over 10 years and is currently head of international investment management based in Jersey, will assume this new role immediately, the firm continued.

Brooks Macdonald said the move underscores its commitment to enhancing client relationships and improving service delivery.

“The actions we are taking will support the business in delivering excellent advisor and client service and make us easier to do business with,” group CEO, Andrew Shepherd, said in a statement.

“I would like to thank Richard for his contribution as international CEO and wish him all the best in his new role at our fund administration partner, JTC," he added. 

Brooks Macdonald which, through its subsidiaries, provides wealth management services in the UK and internationally, has funds under management of £17.6 billion ($22 billion). It has 14 offices across the UK and Crown Dependencies including London, Birmingham, East Anglia, Exeter, Leeds, Manchester, Nuneaton, Southampton, Tunbridge Wells, Scotland, Wales, Jersey, Guernsey and the Isle of Man.

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