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increases across the board for brooks macdonald

Brooks Macdonald saw pre-tax profits rise by more than 10% last year, supported by strong growth in its underlying assets.

increases across the board for brooks macdonald

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Total discretionary funds under management, which includes Brooks Macdonald International, increased by almost a quarter during the second half of 2013, reaching £5.68bn by year end.

Pre-tax profits were £4.93m, up 16% from £4.26m in the same period last year, while revenue also increased, up 6% to £33.39m from £31.46m last year.

The UK-based wealth management group said its 8% increase in interim dividends to 7p reflects general confidence in their strong progress.

In a statement accompanying the results published this morning, chief executive Chris Macdonald said: “The first half of our financial year has been a solid period of progress for the group with continued growth in discretionary funds under management, further development of our investment offering, distribution and IT systems.

“We are pleased with the progress the Group has made and has continued to make since the half year end.”

In a look to the future, the firm noted its recent acquisition of the option to buy Levitas Investment Management Services later this year.

In December last year, Brooks signed a put and call option agreement with the Levitas shareholders, requiring it to sell the entire issued share capital of Levitas under the condition it is purchased.

The option agreement will be exercisable from July and August this year, provided both parties agree.

The firm says the acquisition will give them a range of risk adjusted risk adjusted funds as well as adding further exposure to the pensions market.

Brooks also launched a platform-based international managed portfolio service in December.

The service provides financial advisers with a choice of four actively-managed, risk-rated, segregated investment portfolios to recommend to their non-UK clients.

Yesterday, Brooks Macdonald International, a subsidiary of Brooks Macdonald, announced the appointment of a new senior business development manager for their Jersey office.

Lindsay Bateman will be responsible for targeting new business opportunities across the international professional adviser markets, with a particular focus on South Africa.

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