Advisory FuM jumps 5m at Brooks Macdonald

Brooks Macdonalds international arm saw advisory funds under management jump by nearly £5m over the last quarter, a period which saw across the board growth in the companys assets.

Advisory FuM jumps 5m at Brooks Macdonald

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Over the first quarter of the financial year, ended 30 September 2014, Brook’s Macdonald International’s advisory funds under management totalled £460.9m, an increase of 1% on the £456m recorded on 30 June.

Additionally, discretionary funds under management throughout the whole company totalled £6.6bn, up 2% on £6.5bn in the previous quarter, and markedly higher than the Wealth Management Association balanced index increase of 0.72% for the period.

The group’s third party assets also rose from £200m to £215m, while its property assets under administration rose by 0.8% to £1.13bn.

Chief executive of Brooks Macdonald, Chris Macdonald, said: “Despite more challenging markets during the quarter, which is historically our slowest trading period, the group has grown discretionary funds under management by around 2%.”

He said the group’s growth has resulted from a combination of organic growth and performance.

“Against this background, the group has made a reasonable start to the new financial year,” he added.

In June, the wealth management group reported that its discretionary funds under management had grown by nearly 30% over the previous financial year, driven in part by its acquisition of offshore wealth manager DPZ Capital.

It saw a 28% growth in total funds under management from £5.11bn to £6.55bn.

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