Brooks Macdonald picked as DFM partner for Panacea Adviser

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Brooks Macdonald chief executive Chris Macdonald

Panacea Adviser has chosen Brooks Macdonald as its first DFM provider partner.

The online network for advisers and paraplanners will use Brooks Macdonald’s thought-leadership, videos and guides as outsourcing materials for its users.

Panacea Adviser chief executive Derek Bradley says: “Discretionary fund management has grown significantly post RDR, as an increasing number of advisers look to outsource elements of their business. Coupled with the recent spotlight placed on DFM due diligence by the FCA, this means there is still a real need for education when it comes to best practices for this particular area of outsourcing.”

Brooks Macdonald currently manages £9bn as of December and has 90 per cent of its business coming from advisers.

Brooks Macdonald regional business development director David Hyner says: “Brooks Macdonald is delighted to be the first discretionary manager partner of Panacea. Our aim is to be supportive of the Adviser community by providing excellent investment management solutions for their clients.

“In addition to this and as DFM becomes more of a mainstream solution for advisers, we have produced extensive material to support the due diligence process and we look forward to sharing these with you over the coming months”.