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Brooks Macdonald profits up 22% as acquisitions drive FUM

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 in the previous year.

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

For the funds part of the business, funds under management rose 164 per cent from £148m to £390m. Property assets under administration rose 20 per cent from £865m to £1.04bn, while third party assets under administration went up 180 per cent from £50m to £140m.

Brooks Macdonald has attributed the increase in assets to both organic growth and acquisitions. The company acquired investment manager Spearpoint, manager of the Arch cru funds, in November 2012 and introducer Park Street London in July 2012.

The company boosted its total dividend by 22 per cent from 18.5p to 22.5p.

Brooks Macdonald chief executive Chris Macdonald says: “For the coming year our outlook for investment returns remains cautiously optimistic. 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 short term margin pressures, we are a progressive business and therefore will continue to invest for the future.”

Macdonald adds the company continues to look at further acquistion deals.

Chase de Vere head of communications Patrick Connolly says: “Brooks Macdonald has been helped by recent acquisitions. It is also quite into discretionary services which has proved popular and is seen as a growing market.” 

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