Wealth and investment manager Brooks Macdonald has recruited former Jupiter chief executive Maarten Slendebroek as chairman, subject to regulatory approval.

He will succeed acting chairman Richard Price, who has served for nine years on the board.

Robert Burgess, the senior independent director who led the process to appoint a successor to Mr Price, said the firm “conducted a rigorous selection process for our new chairman.”

He said Mr Slendebroek was “the outstanding candidate.”

Mr Slendebroek, 62, has extensive experience in financial services. He was chief executive of Jupiter for five years from February 2014, leaving in 2019 before its eventual merger with Merian Global Investors in 2020.

He has been chair of the supervisory board of Robeco since August 2020 and is also currently a director of the Mintus Group, the Orchestra of the Age of Enlightenment Trust and 32 Fitzjohns Avenue Limited.

He said he was joining Brooks Macdonald “at a pivotal point in its history, well-positioned in its market with exceptional adviser and client relationships supporting its ambitious growth strategy.”

Former chair Alan Carruthers stepped down in February for health reasons leaving Mr Price to step up as acting chair while a replacement was sought.

Mr Burgess added: "On behalf of the board I would like to thank Richard Price for the contribution he has made to the development of Brooks Macdonald.  He has been chair of the audit committee, senior independent director and, most recently, acting chairman. He has been a valuable counsel to the group chief executive throughout that time and will be missed."

Brooks Macdonald Group was founded in 1991 and began trading on AIM in 2005. It had discretionary Funds under Management of £16.9bn as at 30 September 2023.

The group has 14 offices across the UK and including London, Birmingham, East Anglia, Exeter, Leeds, Manchester, Nuneaton, Southampton, Tunbridge Wells, Scotland, Wales, Jersey, Guernsey and Isle of Man.

Like many competitors it has struggled recently in what it described last month as “difficult” markets. It consequently embarked on a cost-cutting exercise at the end of October by announcing the axing 55 jobs - about 10% of its workforce – to save £4m a year.

It 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.”