Brooks Macdonald grows FUM 28pc

Brooks Macdonald Group saw a 28% upswing in discretionary funds under management in its full-year results ending 30 June.

Brooks Macdonald grows FUM 28pc

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The wealth manager attributed the £6.55bn surge largely to acquisitions, performance and organic growth. Funds under management grew to £518m from £390m in June 2013.
 
Meanwhile pre-tax profit stood at £10.6m, up 2%, which was in line with expectations according to the group. 
 
It also proposed a 15% increase in dividends for the year, up to 26p from 22.5p last year.
 
"After the considerable changes within the industry in recent years, this has been a year where the business has continued to evolve, invest in the future and grow funds under management and administration,” CEO Chris Macdonald said.
 
“We will continue to invest in systems development and remain optimistic for new business flows. New business has started the year well and the Board remains confident for the future of the group,” he added.
 
UK stockbroker Numis Securities said it believed a decent long term earnings growth opportunity remains for the company. This was largely predicted on continued strong growth of Self-Invested Personal Pension (SIPPs) and favourable UK demographic trends.
 

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