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Brooks discretionary assets jump £1.1bn after Spearpoint buy
by Daniel Grote on Jan 25, 2013 at 08:50
Discretionary fund manager Brooks Macdonald has reported a £1.1 billion jump in assets, driven largely by the acquisition of Spearpoint, manager of the Arch Cru funds’ assets.
Assets rose to £4.6 billion at the end of December, up 31% since the end of June. Brooks Macdonald said £414 million of that rise, or 11.8%, was achieved separately to the Spearpoint acquisition.
Spearpoint has been managing the wind-down of assets held in the Channel Islands cells that make up the Arch Cru funds since December 2009, when it replaced discredited fund manager Arch Financial Products.
Brooks Macdonald took on both discretionary and retail fund assets when it acquires Spearpoint. It said it had now successfully reconstructed the retail funds, which had led to redemptions of around £7 million, but also the launch of two income funds.
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by Himanshu Singh on Mar 08, 2014 at 03:53