The transaction took place on 19 November and was worth around £4 million based on yesterday’s closing price of £12.25.
Shares in Brooks had added another 72p, or 5.9%, by 1pm today to stand at £12.97 , just shy of their 12-month high of £13.85 and raising the value of Fosh and Cross’ stake to nearly £20 million.
Commenting on the latest purchase Cross (pictured) told Wealth Manager: ‘The business scores well through the investment process in having high recurring income, above 70%. Strong visible earnings help us take a long-term view of the business.'
Cross added: ‘Brooks also scores well in [our] investment process’ second tier of analysis: procedures, formats, culture, customer databases and customer relationship.’
The news comes a few days after Brooks made its latest foray into the market by acquiring Spearpoint, a Jersey and Guernsey-based discretionary fund manager, on 15 November.
The purchase lifted the firm’s assets under management to £4.5 billion.
Spearpoint reported pre-tax profit of £3.9 million on revenues of £11.42 million in 2011 and Brooks founder and Wealth Manager Top 100 manager Chris Macdonald expects the acquisition to immediately enhance earnings.
'The acquisition of Spearpoint is a major step forward and captures an opportunity we have been seeking for a number of years,' he said, in a statement to the Stock Exchange last week.
'It adds scale, offshore and international capability together with the acquisition of a strong investment management and pensions team,’ Macdonald added.
Brooks has made a number of other acquisitions over the course of the year, including the Clarke Willmott Investment Management team and Park Street London Limited, an introducer business which it has worked with over several years.
Capping this busy year, In its 12-month numbers issued on 13 Septembe Brooks unveiled a pretax profit increase of 17%.
Cross was one of the first to back Brooks when it came to market at price of just £1.50 per share back in 2006.
The stock has been driver of his funds outperformance with the Citywire Selection UK Special Situations fund returning 77.9% in the three years to 19 November versus a 37.5% rise in the benchmark and the UK Growth fund returning 51.7% versus a 21% rise in the benchmark.