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Brooks Macdonald to launch new funds business

Wealth management firm Brooks Macdonald Group has reported a pre-tax profit of £3.06m for the second half of last year, despite being hit by a Financial Services Compensation Scheme levy of £544,867.

The firm has also unveiled plans to launch a new funds business in the summer led by former Scottish Widows Investment Partnership sales and marketing director Simon Wombwell, who became an executive director at Brooks Macdonald last month.

Pre-tax profit at the company is up 24 per cent from the same period in 2009.

Turnover for the six months to December 31, 2010 rose 53 per cent from £16.39m to £25.1m.

Discretionary funds under management at the end of the year were £2.69bn, an increase of £500m over the six month period.

The funds business will combine specialists funds acquired with the Braemar Group in July with the four existing Brooks Macdonald funds.

Wombwell has been a non-executive director at Brooks Macdonald for nine years.

Chief executive Chris Macdonald (pictured) says: “The company has had another strong period with growth across all of its activities, underpinned by continued strong performance from our fund management teams and the support received from the professional intermediary market.

“We continue to look to grow and invest across the business, confident that the group is well positioned for the opportunities ahead, including those presented by the RDR.”

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