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Brooks Macdonald Asset Management Forges IFA Partnership
Tom Burroughes
21 January 2014
Brooks Macdonald Asset Management said today it has allied with Prosperity Independent Financial Advisers and Stockbrokers, a UK business, highlighting continued tie-ups between such firms as wealth management adapts to new regulations and cost pressures. “Forming a strategic alliance with Brooks Macdonald has helped us develop a bespoke investment management proposition that will offer an enhanced investor and advisor experience and provides us with a more robust compliance model for the post-RDR world,” Mark Newman, managing director at Prosperity, said. Similarly, Brooks Macdonald Group has made several acquisitions in the past year. Last month, it signed an option agreement to acquire Levitas Investment Management Services for up to £24 million (£39.2 million).
Prosperity is a national financial planning firm created by Mark Newman and Jasper de Zoeten; it is headquartered in Hampshire in the south of the UK and has advisors across the country.
The alliance allows Prosperity to offer its clients access to BMAM’s investment capabilities, a statement from the firms said. BMAM will offer two investment propositions: the Bespoke Portfolio Service and the Managed Portfolio Service. Brooks Macdonald will also provide a comprehensive nominee, dealing and custody service.
BMAM will manage the portfolio services on a discretionary basis; responsibility for the suitability of the portfolios are kept by Prosperity. The portfolios will be managed by BMAM’s Hampshire office, which is led by John Wallace, regional director.
With the advent of the Retail Distribution Review regulatory reforms last year, and other pressures, advisors and investment houses have been forced to shake up business models.