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Brooks Macdonald discretionary assets jump 23%

by Dylan Lobo on Jan 25, 2013 at 07:58

Brooks Macdonald discretionary assets jump 23%

Discretionary assets under management (AuM) at Brooks Macdonald jumped 23.2% in the second half of last year to burst past the £4 billion mark.

In the six months to the end of December AuM rose from £3.75 billion in the corresponding period of the previous year to £4.6 billion.

This figure was inflated by the acquisition of Channel Islands-based firm Spearpoint on 19 November, which brought with it £686 million worth of assets, along with £357 million worth of advisory assets and gave the group access to the expanding international pensions market.

Brooks said it had completed the integration of business, which will see it rebrand as Brooks Macdonald International and split into asset management, employee benefits, and retirement solutions.

The group's funds business saw AuM rise from £148 million to £323 million, including an £80 million gain from the former Spearpoint funds. Brooks completed the reconstruction of the funds prior to Christmas, which led to 'modest' redemption of £7 million and the launch of two new income funds.

Elsewhere the group's property arm, Braemar Estates, saw AuM rise from £865 million at the end of June to £885 million at the end of the year.

Meanwhile its investment administration service, which launched in April 2012, moved above the £100 million mark in the third party funds under administration.

Overall trading matched founder Chris Macdonald's (pictured) expectations and he looks forward to the future. 

'The half year has been a successful period of growth across the group, culminating in our acquisition of Spearpoint in November, Macdonald told the stockmarket. 'We are excited about the enhanced capabilities this gives to our group offering and the opportunities going forward.'

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