The three person team comprise the newly appointed head of business development Richard Hughes and new senior business development manager Chris Donoghue, who will both be supported by intermediary sales assistant Adrienne Hodgson.
Hughes, who has spent 12 years in financial services, joins from Vistra, where he was business development director for three years, and prior to that he had a similar role at BNP Paribas.
Donoghue previously worked at HSBC Private Bank, where he was head of investment group, Jersey, and before that his 25 years in the industry covered a number of roles including stock broking, portfolio management, and managing a private banking investment team.
When Brooks Macdonald bought Spearpoint for an expected sum of £32.1m, it paid initial consideration of approximately £23.1m, followed by a deferred sum of around £4m which will be payable in November 2014, based on the value of Spearpoint’s discretionary funds under management at that stage. An additional £5m is also payable over and above the deferred consideration based on the company’s growth projections for Spearpoint’s discretionary funds under management.
John Davey, chief executive of BMI, said: “The formation of a new business development team based offshore is a natural progression of BMI’s continuing growth and representative of our commitment to growing our business within the Channel Islands and internationally. Richard and Chris both bring an impressive depth of experience, with complementary skills, that I am confident will be beneficial for our customers and help propel our business in the Channel Islands further forward.”
In February this year Brooks Macdonald Funds appointed Linda McLaren as international business development manager focusing predominantly on Asia and Europe in what was a new role for the company. To read more, click here
