Wealth manager and Financial Planning firm Brooks Macdonald has reported a 13.3% rise in group funds under management (£15.5bn) but revenues for its Financial Planning arm have dipped.

Total group funds under management at wealth manager and Financial Planner Brooks Macdonald increased 13.6% to £15.5bn in its second quarter ending 31 December 2020.

Brooks Macdonald has stopped applying VAT on the group’s managed portfolio service (MPS) from 1 January 2021.

Wealth manager and Chartered Financial Planner Brooks Macdonald has completed the acquisition of Lloyds Bank International’s Channel Islands wealth management and funds business, adding £900m of funds under management and 1,000 private clients.