Brooks Macdonald’s managing director of UK investment management Nick Holmes is to step down.

Brooks Macdonald’s half-year profit before tax has slumped from £8.1m at the end of 2016 to £600,000 by the close of 2017.

Brooks MacDonald has announced an expansion of the company and has hired an ex-rugby international to head its new operation.

Brooks Macdonald, a Financial Planning firm and investment manager that manages almost £9bn for clients in the UK and internationally, has established its first international “strategic alliance” with Dubai-based Financial Planning firm Abacus Financial Consultants.