View the article online at http://citywire.co.uk/wealth-manager/article/a746806
Brooks Macdonald closes in on £6bn discretionary milestone
by James Phillipps on Apr 17, 2014 at 07:37
Brooks Macdonald defied flat markets and saw discretionary funds under management rise by 4.2% to £5.92 billion over the first quarter.
This £245 million rise in discretionary AUM comprised £215 million of net new inflows and £30 million from performance. The stock market update does not include the company’s recent acquisition of DPZ Capital, which was announced earlier this week.
Elsewhere within the group, Brooks’ advisory funds under management rose by 10.5% from £374 million to £413 million over the first three months of the year, while the group’s arm Braemer Estates, saws assets under administration climb up by 6.27% from £1.07 billion to £1.14 billion over the same period.
Brooks Macdonald chief executive Chris Macdonald said: ‘Despite flat markets in the first quarter, we have made good progress in growing assets under management in all areas of the business. Overall, in our financial year to date, discretionary funds under management have risen 16%.
‘The acquisition of DPZ Capital at the start of the new quarter has expanded our International business based in Jersey and adds a further c.£360 million of funds under discretionary management. The acquisition of DPZ is a further exciting development for the group.’
News sponsored by:
As the UK coalition government strives to rebalance the national economy, so called 'reshoring' looks set to play an increasingly important role in economic recovery.
Today's top headlines
With talk on interest rates on the horizon, our latest roundtable debate covers income investing against a changing backdrop
More about this:
On the road
by Dylan Lobo on Jul 28, 2014 at 08:03