Chair of Brooks Macdonald, Alan Carruthers, has resigned from the board with immediate effect having suffered from ill health over the last year.
The AIM-listed investment manager said Carruthers had suffered from “a series of unfortunate health issues of the last twelve months”. His resignation will allow him to concentrate on recuperating fully, the company said.
Director Richard Price will take on the role of acting chair.
Price said: “We are all deeply sorry that Alan is leaving Brooks Macdonald in these circumstances and we wish him a full and speedy recovery.
“Under Alan’s chairmanship the group has built real momentum towards our ambitious growth plans and I am confident those plans will continue to be executed successfully by Andrew Shepherd and his management team.”
The group, which was founded in 1991 and began trading on AIM in 2005, had funds under management of £16.2bn at the end of last year.
Over the past year its share price has fallen 13 per cent as the fund manager suffered from last year’s challenging market environment.
