TMS Financial Solutions, a UK-based independent financial advisor, has formed a strategic alliance with Brooks Macdonald Asset Management, which will bring a new portfolio range to the IFA’s clients.

The newly-launched Peninsula managed portfolio range, managed by Brooks on a discretionary basis for TMS clients, covers a variety of strategies and risk profiles.

The move is designed to give TMS advisors more time to concentrate on their clients, the firm said, while outsourcing asset management activities to a firm specialising in this field.

Brian Steward, director of TMS Financial Solutions, said that increased legislation was one factor driving a growing need to have specialist teams focusing solely on “day-to-day money management".