British wealth manager Brooks Macdonald Group has named Alan Thomas Carruthers as its new chairman, replacing Christopher Knight.

Carruthers will assume the new responsibility on 14 March 2019, the date on which Knight will retire.

Carruthers previously had stints at Cazenove Capital and Morgan Stanley, among others.

In the past five years, he held directorships at Numis, McLean Advisory, and Hydrodec Group.

Brooks Macdonald senior independent director Colin Harris said: “Alan has deep expertise in financial services with over 25 years’ experience in both executive and non-executive director roles.  He has been Chairman of Numis Corporation plc since March 2017.

“On behalf of the Board I would like to place on record our thanks to Chris Knight for the contribution he has made to the development of Brooks Macdonald over his 17 years on the Board and 14 years as Chairman.

“He led the company through its initial public offering in 2005, guided it through a period of rapid growth and, more recently, oversaw the CEO transition from co-founder Chris Macdonald to the current CEO, Caroline Connellan.”

According to Harris, “strict criteria” was set in the chairman selection process with a “range of factors” being considered.

The latest move comes close on the heels of the firm’s announcement to axe 50 jobs in a bid to drive future growth.

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