Brooks Macdonald co-founder Spencer steps down as CIO

Brooks Macdonald’s co-founder Richard Spencer will step down as a chief investment officer after almost 30 years at the firm.

He will be succeeded by Brooks deputy CIO Edward Park, who joined as a graduate trainee in 2009.

Spencer will continue to serve his clients and act as senior adviser to the investment committee.

Commenting on his appointment, Park wrote on LinkedIn: “I am delighted to share the news of my appointment to CIO from 1 October as Rich Spencer steps back from his day-to-day responsibilities as CIO.

“I’ve been working closely with Rich for many years, sharing many market environments and a fair few glasses of wine.

“It’s particularly pleasing that Rich is staying at Brooks Macdonald so that we can continue to develop the investment process which is close to both of our hearts.”

Spencer adds: “Having worked alongside Ed for many years, I am confident that the investment process will continue to prosper under his stewardship. This appointment not only reflects the group’s focus on succession planning, but also the depth of talent we have here at Brooks Macdonald.

“While I have decided to step down as CIO, I will remain very much part of the firm going forward.”