Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

AA-rated Cross & Fosh up Brooks Macdonald stake above 16%

AA-rated Cross & Fosh up Brooks Macdonald stake above 16%

Citywire AA-rated Anthony Cross (pictured) and Julian Fosh have extended their margin as the largest shareholders in Brooks Macdonald as their stake in the business rose above 16% for the first time.

The two managers increased their holding in the company from 2.12 million shares to 2.15 million or 16.17% worth £36.72 million at a share price of £17.01.

The shares are held in both their £1.23 billion Liontrust Special Situations fund and their £243 million Liontrust UK Growth fund.

Brooks Macdonald has largely traded sideways since topping out at a record high of £18.09 in early March.

On a trailing price-to-earnings basis the company trades at a 6.6% premium to its peer group on a multiple of 21 times versus 19.7 times. On a price-to-book basis it sits at a 47.7% discount however, at four times versus 7.6 times.

Liontrust is a long-term shareholder in the business having bought into its initial float in 2006 at a price of £1.50. The company only really began ratcheting up their exposure in 2012, however.

Speaking to Wealth Manager at the time, Cross said: ‘[Brooks] has a very good track record of organising growth and everything I hear about the way the run their offices is very strong.’

‘It deals with customer relationships in a very good way, a strong brand and is rolling out its network. It has been a very profitable investment for us.'

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Liontrust ESG head says sustainable investment doesn't mean low return

Liontrust ESG head says sustainable investment doesn't mean low return

Peter Michaelis talks about ethical investment growth and where he sees future opportunites.

Play Are platforms the biggest barrier to wealth manager ETF take-up?

Are platforms the biggest barrier to wealth manager ETF take-up?

Citywire hosted a roundtable discussion to find out how and if wealth managers are using ETFs in their clients' portfolios and the challenges they face trading through different platforms.

Play SVM's Veitch on what's next for banks

SVM's Veitch on what's next for banks

SVM fund manager Neil Veitch is finding value in what he describes as unstable financials and talks through his favourite small caps.

Read More
Your Business: Cover Star Club

Profile: UBS' robo boss on what his tween can teach the industry

Profile: UBS' robo boss on what his tween can teach the industry

Co-head of UBS SmartWealth Shane Williams explains the simple life lessons missed by the first wave of robo pioneers

Wealth Manager on Twitter