Brooks Macdonald grows profits 8%

Brooks Macdonald has grown pre-tax profits at the group by 8 per cent, to £11.4m, in a year where funds under management grew 13 per cent.

The wealth manager said the rise in assets under management to £7.41bn was a result of organic growth and performance, in its full year results to 30 June 2015, released today.

Brooks Macdonald Funds, the funds management business of the group, grew funds under management to £663m, compared to £518m for the same time last year.

Chris Macdonald, chief executive, said: “We have continued to grow funds under management and increase profits whilst making considerable progress on our IT development, our distribution, improving our governance, completing two strategic alliances, broadening the senior management team and moving our head office. 

“Over the coming year we will look to continue with the progress made and look to drive performance, service and new business. Investment markets remain volatile and this is clearly a headwind for the industry as a whole, but encouragingly our new business has been strong for the first quarter of the new financial year.”

Brooks Macdonald has made a number of changes this year, including appointing a deputy chief executive in Andrew Shepherd, to broaden the senior management at the company.

In March this year Brooks Macdonald said it wanted to grow aggressively and double its assets under management in three to five years.