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Buoyant Brooks Macdonald relaunches fund business

Wealth management firm Brooks Macdonald Group is relaunching its fund business in the summer led by former Scottish Widows Investment Partnership sales and marketing director Simon Wombwell.

It will combine specialist funds under the Braemar Group acquisition in July with the four existing Brooks Macdonald funds.

Wombwell became an executive director at the company last month and has been a non-executive director for nine years.

The firm revealed the plans alongside the release of its int- erim results for the six months to the end of December 2010.

Brooks Macdonald posted a profit of £3.6m for the second half of last year, up by 24 per cent from £2.5m in 2009.

The interim profit came despite being hit by a Financial Services Compensation Scheme levy of £545,000.

Turnover for the period leapt by 53 per cent from £16.4m to £25.1m.

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

Chief executive Chris Macdonald 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.”

Equilibrium Asset Management investment manager Mike Deverell says: “It seems like a natural move for Brooks Macdonald as it has shown it can grow funds under management.”

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