The Isle of Man Financial Services Authority (IoMFSA) confirmed on Monday that Brooks Macdonald Asset Management (International) has been granted a Class 2 – investment business licence with immediate effect.
This allows firms to:
- Deal in investments
- Arrange deals in investments
- Management investments belonging to another person
- Provide administration and safeguarding of investments
- Advise on investments
The Brooks Macdonald licence is specific to sub-classes (3) and (7).
A spokesperson for the company told International Adviser that “our Isle of Man licence allows us to offer the full range of Brooks Macdonald International’s discretionary investment services to clients and intermediaries, including multi asset, equity and fixed-income solutions, available as individually managed portfolios or funds”.
People Moves
The company first announced plans to open in the island’s capital, Douglas, in September 2021.
It takes the number of office locations to 14: including London, Cheltenham, East Anglia, Exeter, Hampshire, Leamington Spa, Leeds, Manchester, Tunbridge Wells, Scotland, Wales, Jersey, Guernsey and now the Isle of Man.
Richard Hughes, chief executive of Brooks Macdonald International, commented: “The office will be led by Phil Penrose who moves from our Manchester office to head up the team on the Isle of Man.
“Phil brings more than 25 years’ experience in international financial services, having spent 10 years overseas in the Middle East and Singapore before joining Brooks Macdonald.
“He will be supported by Julie Charlton, compliance manager and Lucy Willers, investment manager with further individuals joining in the coming months.”
