Brooks Macdonald sees FUM jump

Brooks Macdonald saw its discretionary funds under management (FUM) grow by nearly 30% last year, driven in part by its acquisition of offshore wealth manager DPZ capital.

Brooks Macdonald sees FUM jump

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In its results for the year ending 30 June, the wealth manager reported a 28% growth in total funds under management from £5.11bn to £6.55bn.

It said its acquisition of DPZ in April added £360m to it discretionary funds under management and brought “further scale and skill sets to [its] offshore offering”.

As a result, the company now manages over £1.1bn in offshore discretionary assets.

It added that it will aim to expand its reach with offshore professional intermediaries throughout the coming year.

The results revealed a 2% rise in pre-tax profit to £10.6m, which the group said is in line with expectations.

It also saw a 15% increase in dividends for the year, up to 26p from 22.5p last year.

The company said its growth strategy over the next year will involve the improvement of its "service offering and performance development", with the launch of an offshore managed portfolio service.

"After the considerable changes within the industry in recent years, this has been a year where the business has continued to evolve, invest in the future and grow funds under management and administration,” said chief executive Chris Macdonald.

“We will continue to invest in systems development, and we remain optimistic for new business flows,” he added. “New business has started the year well and the board remains confident for the future of the group.”

In August, the company announced that Berkshire-based Petrus Financial Services will now have access to two of its offshore bond-compatible portfolio services as part of a newfound strategic alliance.

Petrus can now provide clients with the Brooks Macdonald Bespoke Portfolio Service and Managed Portfolio Service, which can both be held in offshore and onshore bonds.

 

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