Brooks Macdonald has reported that funds under management (FUM) grew by £1.3 billion in the six months ended 31 December 2017. All of the group's investment businesses contributed with growth of 11.8 percent for UK investment management, 19.4 percent for funds, and 9.1 percent for international. Over the calendar year FUM increased £2.41 billion, representing 25.8 percent growth.
Net organic inflows were £808 million or 7.7 percent, underlining the continuing opportunity in the adviser distribution channel, the group said. Market movements and above-benchmark investment performance contributed £474 million of the total growth.
Revenues from continuing operations rose 10.9 percent to £48.8 million and underlying pre-tax profit increased by 3.2 percent to £8.5 million, driven by the growth in FUM.
Statutory pre-tax profit was £0.6 million compared to £8.1 million in the same period last year. This is predominantly due to an increase of £5.5 million in the provision for resolving legacy matters and an increase of £1 million in the fair value of deferred consideration payable to the vendors of Levitas, compared to a reduction of £1.3 million in the comparable period last year, driven by strong net inflows in the period.
As part of the group's board and management changes, Ben Thorpe has been appointed to take over from Simon Jackson as group finance director, as previously reported by thewealthnet. He has most recently been head of finance at Brewin Dolphin.
Brooks Macdonald also hired Priti Verma as group chief risk officer having most recently held a similar role at Smith & Williamson.
Additionally Adrian Keane-Munday will join the group as managing director, financial planning to lead the development of that business. Mr Keane-Munday has most recently been head of premier & wealth distribution for the UK at HSBC.
Brooks Macdonald a range of investment management services to private high net worth individuals, pension funds, institutions, charities and trusts. The group has twelve offices across the UK and the Channel Islands including London, Hampshire, Leamington Spa, Manchester, Taunton, Tunbridge Wells, York, Scotland, Wales, Jersey, and Guernsey.