Brooks Macdonald gains FSA approval for funds business

Wealth manager Brooks Macdonald has launched its long-awaited funds business comprising a seven-strong range of portfolios.

Brooks, which revealed it would be launching the new business when it reported its results in March, said it was bringing to market three fund of funds and four specialist portfolios.

The Brooks Macdonald Funds limited business, which will house all seven funds, already has around £100m in funds under management across the range.

Simon Wombwell, an executive director of the group, will head up the new business.

Chris Macdonald, chief executive of the group, said: "Today's launch is a very exciting development for the group as we widen our wealth management proposition to a broader audience.

"The new funds business strengthens our presence in the IFA marketplace building on the success of the group's investment capabilities.

"We look forward to growing the existing funds and launching further new attractive fund offerings in the future."