Brooks Macdonald has seen funds under management jump 28 per cent following a string of acquisitions combined with strong organic growth.
FUM at Brooks Macdonald rose to £6.55bn at the end of June 2014 compared to £5.11bn at the end of the same period a year previous, according to the firm’s final results.
The firm acquired Jersey-based wealth manager DPZ Capital back in April this year and announced a further deal to acquire fund group Levitas Investment Management in July 2014.
However Brooks Macdonald chief executive officer Chris Macdonald also points out that the increase in FUM was also supported by over £1bn organic growth in discretionary FUM.
Funds under management at Brooks Macdonald Funds business also rose to £518m compared to £390m at the end of June 2013.
Overall pre-tax profit at the firm increased by 2 per cent to £10.6m at the end of June, up from £10.4m a year previous.
Macdonald says: “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. It’s therefore particularly pleasing to report annual organic and investment growth excluding acquisitions of over £1 billion in our discretionary funds under management for the first time in our history.
“We have maintained profits and positioned the Group for a return to profit growth despite increased costs due to the changes and investment.”
Looking ahead Macdonald says the wealth manager will continue to plough investment into systems development. He adds: “New business has started the year well and the board remains confident for the future of the group.”