Brooks Macdonald sees profits rise

BROOKS Macdonald, the AIM-listed wealth management group which owns North West property investment company Braemar Estates, has seen full-year profits rise by 17%.

Pre-tax profits rose to £8.5m in the year to June on revenue of £53.2m, up 2%.

Funds under management grew 18.5% to £3.5bn over the year.

Assets under administration at Hale-based Braemar grew to £865m from £750m last year – and up from £450m when the unit was acquired in October 2010. Manchester’s Beetham Tower is one of the assets managed by Braemar.

In a statement chairman Christopher Knight said: “The economic outlook remains challenging, markets are lacklustre and the launch of the Retail Distribution Review in January 2013 will lead to significant changes.

“Enhanced regulation is involving the industry in materially greater cost. Despite the difficult macroeconomic outlook the group continues to make good headway whilst striving to ensure that we deliver strong risk adjusted returns for our clients in a service-led and transparent environment.”