The UK firm has decided to split the CIO role among two of its senior investment figures following the departure of the current chief investment officer.

UK wealth manager Brooks Macdonald, with £17.6 billion ($22.3 billion) in funds under management, has elevated two of its senior figures to the stance of co-chief investment officers. 

The co-CIOs are Richard Larner, head of research, and Michael Toolan, senior portfolio director, the firm said in a statement. 

Michael Toolan

Richard Larner

The duo are taking over from Edward Park, whom they have been working closely as part of the firm’s long-term succession planning. They will report to chief executive, Andrew Shepherd.

Additionally, Philip Glaze will become chair of Brooks Macdonald’s investment committee. Formerly the chief investment officer of HSBC Global Asset Management, Glaze is already an external member of the Brooks Macdonald committee.