Broker Arden has launched a financial advice and wealth management division, headed by former Brewin Dolphin director Henry Algeo. 

Arden Wealth Management, which has received approval from the Financial Conduct Authority (FCA), will offer financial planning alongside discretionary portfolio management. 

Algeo left Brewin Dolphin in 2013 after eight years following a shake-up of the national wealth firm's management team. He had held various roles at the business, including a stint leading its Belfast office. 

In 2016, Algeo teamed up with ex-Stocktrade boss Matthew Collins to launch a venture seen as a rival to Raymond James' back office wealth support proposition. 

In a statement to the market, Arden indicated that it would be recruiting for its new wealth arm. 

The firm's executive director, James Reed-Daunter, said: 'This [the wealth business] will present a great opportunity for wealth managers who wish to work in a smaller company environment to develop their careers and look after their clients in a truly bespoke manner.' 

Chief executive Donald Brown added: 'We see wealth management as an exciting growth opportunity for Arden and look forward to actively developing this new division.' 

Arden said this morning that the new business' 'range of services include financial planning and so will provide access to ISAs and IHT portfolios and advice on pensions, including Sipps and protection.'

The Arden website states it is 'building a wealth management capability,' that 'will offer truly bespoke discretionary portfolio management aligned with financial planning to cater for high net worth private clients.'

Read: Wealth managers march into financial planning