The independent financial advisory firm Mount Sterling Wealth is close to signing a strategic alliance with Brooks Macdonald Asset Management, aiming to enhance investment solutions for clients.

BMAM, which focuses on discretionary management, is in advanced discussions with MSW to promote a new range of discretionary managed portfolios which will be available later this year.

MSW said it was in the process of finalising the legal paperwork and designing the investment solutions that BMAM will provide to clients.

In August this year BMAM formed an alliance with RK Shipman, one of many firms looking to larger players to provide discretionary management services in the run-up to the Retail Distribution Review, due to come into force at the end of 2012.

MSW is a fee-based IFA that provides financial planning services for high net worth individuals and small to medium enterprise clients, focusing on trust solutions, onshore and offshore investment solutions, as well as scheme and SIPP pension arrangements.

Brooks Macdonald Asset Management has offices in London, Hampshire, Manchester, Tunbridge Wells and Edinburgh and currently has £2.186 billion (around $3.44 billion) of funds under management.