Decent returns for Brooks Macdonald

WEALTH management firm Brooks Macdonald Group experienced a hike in revenue and profits in the half year to December 31.

The firm – which has an operation in Leamington Spa – saw pre-tax profit increase by 16% compared to the last six months of 2012 to £4.93m.

Revenue was up by 6% to £33.39m (H2 2012: £31.46m).

Brooks Macdonald reported strong growth in discretionary fund under management while property assets under administration, managed by Braemar Estates, grew to £1,071m (2012: £885m), an increase of 14%.
 
Third party assets under administration are now in excess of £160m (2012: £100m).

The firm has invested in a new partnership, North Row Capital, which offers investors liquid exposure to global real estate markets, and this has successfully launched its first fund.
 
Brooks Macdonald also acquired an option to buy Levitas, which expands itsrange of risk adjusted funds and adds further exposure to the pensions market, including auto enrolment.
 
Chief executive Chris Macdonald said: “The first half of our financial year has been a solid period of progress for the group with continued growth in discretionary funds under management, further development of our investment offering, distribution and IT systems.”
 
“We are pleased with the progress the group has made and has continued to make since the half year end.”