Wealth manager and Financial Planner Brooks Macdonald continued to see outflows for the quarter ended 31 March as investors pulled out money.

Brooks Macdonald senior director Stewart Sanderson has been appointed chief executive of Irwin Mitchell’s Financial Planning business IM Asset Management Limited.

Underlying profit before tax rose 18% year-on-year to £17.1m (H1 FY23: £14.5m) for wealth manager and Financial Planner Brooks Macdonald for the six months ended 31 December.

Wealth manager Brooks Macdonald has completed major organisational changes, cutting full year costs by about £4m, according to a trading update today.