Wealth Manager - Essential news for investment professionals

Register to get unlimited access to all of 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.

Related Fund Managers

Anthony Cross
Anthony Cross
82/155 in Equity - UK (All Companies) (Performance over 3 years) Average Total Return: 52.64%
Julian Fosh
Julian Fosh
83/155 in Equity - UK (All Companies) (Performance over 3 years) Average Total Return: 52.64%
Citywire TV
Play Sarasin’s Boucher: why I like salmon with chocolate

Sarasin’s Boucher: why I like salmon with chocolate

Henry Boucher, manager of the £129 million Sarasin Food & Agriculture Opportunities fund, explains why he is gobbling up salmon and chocolate stocks.

Play Alibaba hype, the UK slowdown and opportunities in European sovereign bonds

Alibaba hype, the UK slowdown and opportunities in European sovereign bonds

Libby Ashby and leading wealth managers analyse what the Alibaba IPO hype means for Chinese equities, slowing growth of the UK economy and whether there’s anything left to play for in the European sovereign bond market.

Play Tesco, Japan and the rise of the central banker

Tesco, Japan and the rise of the central banker

 Libby Ashby and leading wealth managers scrutinise the food retail sector, Japan’s consumption tax hike and political risk in the markets.

Your Business: Cover Star Club

Veteran banker boosts Sanlam’s stockbroking team

Veteran banker boosts Sanlam’s stockbroking team

A veteran private banker has been recruited by Sanlam Private Investments to strengthen its advisory stockbroking team.

Wealth Manager on Twitter