Wealth managers

Smaller companies and recovery stocks were highly featured in wealth managers' best performing funds of the year, much to the chagrin of those continuing to back defensive names.

Discretionary fund manager Saltus Fund Management has bought Altrincham-based wealth manager Mercater Capital Management for an undisclosed sum.

Brewin Dolphin has appointed COO Henry Algeo as group managing director, a role that will see him heading up the group's investment management offering.

Old Mutual said it is "progressing well" with plans to build Old Mutual Wealth into a leading wealth management business, but is taking further steps to address its cost base.

Wealth manager Brooks Macdonald has announced a spate of acquisitions alongside a hike in profits which have jumped 17% to £8.5m year-on-year.

Marlene Shalton is to spearhead a project by Guardian Wealth Management to become a major force in financial planning in the UK.

Merchant Capital has launched Merchant Wealth, a private client wealth management service.

Morgan Stanley Smith Barney has this morning confirmed the sale of wealth manager Quilter to private equity firm Bridgepoint, in a deal reportedly worth £175m.

Collins Stewart has acquired Surrey-based IFA and private client wealth manager Andersen Charnley for an initial £5m.