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Brooks Macdonald launches funds business

Brooks Macdonald has launched a funds business headed up by former Scottish Widows Investment Partnership head of sales and marketing Simon Wombwell which brings together funds from its Lawrence House and Braemar Group acquisitions.

The Brooks Macdonald Funds business is made up of three fund of funds  and four specialist funds and was granted FSA approval in April.

The fund of funds are sub-funds of the IFSL Brooks Macdonald Oeic, inherited through the acquisition of Lawrence House in September 2009. Shareholders approved the restructure of the fund of funds to become part of the new business last week.

They will be managed by Jonathan Webster-Smith, who heads up Brooks Macdonald’s managed portfolio service, and will operate under balanced, cautious growth and defensive income risk profiles.

The specialist proposition includes three specialist funds from the Braemar Group acquisition last July: the student accommodation fund, the ground rents fund, and UK agricultural land fund.

It wall also include a structured growth Fund, a sub-fund of the Brooks Macdonald Oeic.

The funds will be available via IFAs and through several platforms including Cofunds, Standard Life and Axa Elevate.

The fund of funds and structured growth fund will have one share class with a 1 per cent annual management charge and one with a 1.5 per cent AMC, with an initial charge of up to 5 per cent. It is likely the initial charge will not apply to business via platforms.

The property funds will also carry an initial charge of up to 5 per cent  and an AMC of 0.75 per cent.

BMF chief executive Simon Wombwell: “We want to build on the success Brooks Macdonald has had in the discretionary fund market for private clients.

“We expect that audience to grow because of the RDR and also the changes we have seen in distribution and the move to platforms. The launch of our funds business will make our service available to a much broader audience.”


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