On top of the impact of the merger, Brooks Macdonald also saw 5% net growth in the three months to 31 December, compared with a 1.6% increase in the Apcims balanced index over the quarter.
Over the first six months of the group’s financial year (to 31 December) discretionary funds grew by £1.1bn, or 31%. Net of the acquisitioned assets there was an increase of £414m, or 11.8%.
Meanwhile, former Spearpoint advisory assets of £373 million were also brought over in the deal.
The takeover of Spearpoint completed on 19 November, with the initial consideration funded mainly through a placing which rose £21.5m.
Brooks said acquisition costs of just over £1m were incurred which will be charged to the profit and loss account for the period.
