Shepherd, who is currently joint managing director of Brooks Macdonald Asset Management, has been with the firm since 2002. He was given the role to allow chief executive Chris Macdonald more time to focus on long term strategy, the firm said.
As a result of the move, Nick Holmes has been made sole managing director of BMAM.
The decision comes after a 10 years of significant growth at the wealth manager following its listing on AIM in 2005, it said in a press release. Adding, the board has resolved that it should create this new role to broaden the senior management team.
For the full year to the end of June 2015, the firm reported a £863m increase in discretionary funds under management to £7.41bn ($11.6bn, €10.55bn).
According to Macdonald, the appointment will provide Shepherd with “more time to focus on delivering the group’s growth ambitions”.
