Brooks' funds swell to overcome 'tough' year

Brooks Macdonald has grown its funds under management by 6.5%, seeing the listed wealth manager overcome a tough year for the wider industry.

At the end of September Brooks' discretionary funds under management totalled £3.75 billion versus the £3.52 billion posted to investors at the end of June and compared to a rise of 2.4% in the  APCIMS balanced index over the  same quarter.

'We have had an encouraging first quarter of the new financial year with an increase in funds under management, continuing our track record of growth,' said Chris Knight, Brooks' chair.

He added: 'Last year was tough but successful for Brooks Macdonald as we continued to grow funds under management and profits. The group is well positioned for RDR (retail distribution review), financially stable and has a number of exciting growth opportunities.'

At its last update to investors, Chris Macdonald (pictured), Brooks' chief executive, announced the firm was positioning for the RDR with  £4.4 million acquisition and unveiled a 17% profit rise.

Changes at the alternative investment market (AIM) firm in today's update to investors included two changes to Brooks' board.

Jonathan Gumpel, a founder director of Brooks Macdonald Group in 1991, will step down from the board at the firm's annual general meeting.

Gumpel is an investment director responsible for overseeing investment management strategy and asset allocation for Brooks Macdonald Asset Management and is the manager of its Defensive Capital fund.

He will leave the board along with Nicholas Lawes, who joined Brooks Macdonald Financial Consulting in 2003 and was appointed managing director in 2004.

They will both continue to serve on the group executive management committee and in their senior executive roles in Brooks Macdonald Funds and Brooks Macdonald Financial Consulting, respectively, the firm said.