Wealth manager Quilter Cheviot has continued its recent recruitment spree with the appointment of three former Brooks Macdonald employees.

Brooks Macdonald expects to make 50 redundancies as part of a ‘streamlining’ of the business.

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.