UK-based wealth manager Brooks Macdonald Asset Management has followed up its recent launch of a new fund management business with the addition of Richard Harley to its intermediary sales team.

Harley was formerly with Hornbuckle Mitchell, where he was a business development manager specialising in SIPP, SSAS and retirement options. Before this he was an advisor at Friends Provident and a broker consultant at AXA Sun Life.

“Richard’s appointment enables us to provide a greater level of service to our supporting IFAs in the Midlands as well as the ability to develop new relationships,” Andrew Shepherd, managing director, said in a statement.

The announcement of the launch of the new funds business emerged at the start of this week; it will initially include seven funds from across the group with about £100 million ($161 million) under management between them.

The funds of funds are structured by their different risk profiles: balanced, cautious growth and defensive income. They will be managed by Jonathan Webster-Smith, head of Brooks Macdonald’s managed portfolio service.

The four specialist funds include the structured growth fund (a sub-fund of the IFSL Brooks Macdonald OEIC) and three Channel Islands Stock Exchange-listed property funds which invest in student accommodation, ground rents and UK agricultural land.

Simon Wombwell will be in charge of the new business and the firm has recruited Anne O’Loughlin, Peter Cottle and Greg Mayho as development managers to assist interested advisors.