According to the publication, Braemar Group will retain its brand and will continue to function as it does at present.

Braemar's directors reportedly said “the deal will give existing and potential investors in its niche range of funds greater confidence in the ability of the firm to increase the scale and diversity of its funds.”

“Whilst acting as a platform for accelerated growth for our business, the offer represents delivery of value to our existing shareholders,” Marc Duschenes, chief executive at Braemar, is reported to have said.

At the time of publication Brooks Macdonald was not available to comment.

Brooks Macdonald has £2.05 billion in funds under management, as at 31 March 2010.