Wealth manager Brooks Macdonald has reported rapid growth in profits and funds under management for the year ended 30 June as recent acquisitions helped deliver strong results.

Abrdn has agreed to buy AI-powered wealth manager Exo Investing for an undisclosed sum as the financial services provider and investment manager plans to offer digital wealth management services via an app.

Wealth manager Charles Stanley is to be acquired by US wealth manager Raymond James, in a deal worth £278.9m.

A former divisional director for Brewin Dolphin has founded a new Raymond James branch in Cheltenham Spa.