She will take over as CEO from 1 October, subject to regulatory approval.

To ensure a smooth handover of responsibilities, in conjunction with her existing role, Ms Montague has been appointed as group chief executive officer designate from 1 July.

The business has started the search for a replacement for the chief financial officer role.

Ms Montague joined Brooks in August 2023 and was previously group chief risk officer at Aviva and group chief financial controller before that. She has also held senior leadership positions at Royal London Group and Standard Life.

Maarten Slendebroek, chairman of Brooks Macdonald, said: "The board has followed a selection process supported by independent consultants which confirmed Andrea as the strongest candidate for the position. Since joining the group, Andrea has demonstrated a depth of experience, pace and leadership which will be key in her new role.”

Andrea Montague said: “I am looking forward to leading our team.”

Mr Slendebroek thanked Andrew Shepherd for his three years as group chief executive and 22 years with the business. He said: “In that time, Andrew has become a respected leader in the wealth management industry and been pivotal in shaping the group."

Mr Shepherd said: "Brooks Macdonald has been a fantastic home for me for more than two‑thirds of my career and I have had the most incredible time here, making great friends and proudly being part of the growth.”

Last Autumn Brooks Macdonald announced that it would reduce its headcount to cut costs annually by £4m. The firm axed around 55 jobs, about 10% of its workforce, as part of the cost-saving measures.

Brooks Macdonald said the cuts from its 512-strong workforce were designed to ensure it is, “set up for success, organised to deliver its strategy and drive growth.”

In a trading update in April it said it continued to see outflows for the quarter ended 31 March as investors pulled out money.