Brooks Macdonald plans Midlands office

Wealth management firm Brooks Macdonald is to broaden its UK reach, with plans to open an office in the Midlands by autumn this year.

Chief executive Chris Macdonald (pictured) said the firm aims to open the new office by late summer or autumn. It will take a similar approach to that employed for the launch of its York office in March 2012 under Claire Bennison.

This is likely to involve internal candidates taking on responsibility for the new hub, rather than hiring an external team.

‘We will do it organically. Our timescale would suggest August or September. It will be a similar approach to York,’ Macdonald said.

‘We are definitely going to do it and this should complete our regional footprint,’ he said, adding that the management team is still deciding on a location.

The Midlands represents the last remaining geographical gap for the business, which has recently gained a presence in the Channel Islands after acquiring Spearpoint. This business has subsequently been rebranded Brooks Macdonald International, with the integration process ongoing.

In Brooks’ most recent half-year trading update it posted a 23.2% jump in assets to £4.6 billion, buoyed by the acquisition of Spearpoint in November. This resulted in the acquisition of £686 million in assets, along with £357 million worth of advisory assets.

The group is scheduled to unveil its full year numbers later this week.