Brooks Macdonald reports pre-tax profit rise

Wealth manager Brooks Macdonald has reported a 33% rise in pre-tax profits to £4.1m during the six months to December 31, 2011, compared with £3.1m during the prior-year period.

Chris Macdonald
Chris Macdonald

The firm also reported a 19% rise in total funds under management, increasing from £2.7 billion in the six months to December 31, 2010 to £3.2 billion in the most recent half-year period.

Funds under management were boosted during the second half of 2011 by the acquisition of £114m in discretionary client assets from Clark Willmott in October.

Chris Macdonald, chief executive of Brooks Macdonald, says: “In spite of considerable market volatility the group has continued to grow both funds under management and profit.

“We also continue to invest heavily in our growth strategies with the recruitment of experienced fund managers and trainees, systems and web development, expansion of both financial consulting and our estates business and promotion of our brand.”

He adds: “Since the period end, funds under management have continued to grow aided by improving market conditions. Overall, we remain confident in the prospects for the group and in achieving our expectations for the year as a whole.”