Braemar assets top £1bn

INVESTMENT manager Brooks MacDonald has notched up another year of strong growth, helped by the acquisition of Channel Islands-based Spearpoint.

The AIM-listed wealth management firm, which owns Hale-based Braemar Estates and also has a Manchester office, said revenue grew by 19% to £63.2m in the year to the end of June.

Pre-tax profits were up 22% to £13.2m.

After taking out the cost of acquiring Spearpoint in 2012 and amortising acquired client relationships, pre-tax profits jumped 47% to £13.2m. Total funds under management grew by 45% to £5.11bn helped by £686m from Spearpoint.

There was organic growth of 15% after stripping out market growth and the impact of the Spearpoint acquisition. During the period, the value of assets being handled by Braemar Estates reached £1bn, up 20%.

Chief executive Chris Macdonald said: “This has been a year of considerable expansion for the group against a backdrop of significant regulatory changes. I am pleased to report that we have seen growth across all five of our businesses over the course of the financial year.

“For the coming year our outlook for investment returns remains cautiously optimistic. We believe that there will be a more stable background for regulatory change, that there will continue to be margin pressures on non-bespoke services and that there will be numerous growth opportunities for the group. Despite the short term margin pressures highlighted, we are a progressive business and therefore will continue to invest for the future.

“I am pleased to report further organic growth in funds under management in the early months of the new financial year.  The board remains confident for the future prospects of the group.”