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Brooks Macdonald profits up 22% as acquisitions boost assets

Brooks Macdonald Group’s full year results show pre-tax profits are up 22 per cent as recent acquisitions push up funds under management by 45 per cent.

Pre-tax profit for the year ending 30 June 2013 was £10.4m, up from £8.5m figure in the previous year.

Total funds under management grew from £3.5bn to £5.1bn over the year.

Brooks Macdonald has attributed the increase in assets to both organic growth and acquisitions. The acquisition of investment manager Spearpoint’s funds has been included in the growth of Brooks Macdonald’s funds which went from £148m in 2012 to £390m as of 30 June 2013.

The company signalled the growth in funds under management in a trading update in July.

Brooks Macdonald chief executive officer Chris Macdonald says: “We believe 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.”

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