Integrated wealth management firm Brooks Macdonald Group posted Friday a 23 per cent increase in discretionary assets under management (AUM) in the fourth quarter of last year.
The AUM results totalled £4.62bn at December 31st, up from £3.75bn the previous quarter.
The acquisition of Channel Islands discretionary firm Spearpoint in November drove results higher as it brought with it £686m worth of assets along with £357m of advisory assets and gave the group access to the expanding international pensions market.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Brooks will rebrand the business Brooks Macdonald International and has completed its integration.
AUM from the funds business rose £148m to £323m, including an £80m gain from the former Spearpoint Funds. The reconstruction of Spearpoint Funds was completed just before Christmas, which led to a 'modest redemption of £7.0m and the launch of two new income funds.
The group's property arm, Braemar Estates, saw AUM rise from £865m at the end of June to £885m at the end of the year.
The company's investment administration service exceeded £100m in the third party funds under administration, following its launch in April.
"The half year has been a successful period of growth across the group, culminating in our acquisition of Spearpoint in November," said Chief Executive, Chris Macdonald.
"We are excited about the enhanced capabilities this gives to our group offering and the opportunities going forward."
RD
-
ScottishPower launches half-price electricity at weekendsNews ScottishPower is offering 50% off electricity at weekends, which could slash hundreds off your bill. We look at who can get it and how to apply
-
Trump calls “tariff” the “most beautiful word in the dictionary”, but investors may disagreeDonald Trump has promised to slap Mexico, Canada and China with new tariffs on day one of his presidency. What does it mean for the economy and investors?
