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.

DFM, wealth manager and Chartered Financial Planner Brooks Macdonald has seen investment performance offset by net outflows, leaving funds under management down 1.9%, in its first quarter of their financial year.