Brooks Macdonald Asset Management, part of UK-listed Brooks Macdonald, has bolstered its York office with the addition of investment management director Haydn O’Brien.

O’Brien joins the firm from Maunby Investment Management, where he had worked since 2008. He originally trained as an investment manager with Adam & Company, the Scottish private banking business which is part of Royal Bank of Scotland.

Brooks Macdonald’s asset management arm now has a roster of 56 investment managers, with a further 11 coming through the ranks of the firm’s trainee scheme. The firm is far from alone in looking to the UK regions for growth and wealth managers of all stripes are currently boosting their offices outside of the capital in a bid to tap new sources of wealth.

Earlier this month Brooks Macdonald reported that its full-year pre-tax profits were up 17 per cent from £8.5 million ($13.7 million) to £7.3 million on almost flat revenues of £53.3 million (£52.2 million in 2011).

The firm also reported a year-on-year increase of 19 per cent in discretionary funds under management to £3.52 billion, driven, the firm said, by acquisitions, performance and organic growth in distribution, capacity, strategic alliances and investment capability.

In other recent developments, this month also saw Brooks Macdonald Asset Management announce a strategic alliance with Oval Financial Services, the financial advisory, insurance brokerage and risk management business. Under the deal, Oval’s clients can use two of Brooks Macdonald Asset Management’s investment propositions: the Managed Portfolio Service and the Bespoke Portfolio Service.