View more on these topics

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.”


Era of flexibility

Flexible and capped drawdown usher in a new business era for advisers

Joe Cohen

Joe Cohen set up First Action Finance in 2005 and now the company has 32 mortgage brokers, seven IFAs, one general insurance adviser and funds under management of £30m. How has Cohen managed to grow an intermediary business through a tough economic and regulatory environment? “Our business operates as a one-stop shop,” he says. “We […]


Budget 2011: Chancellor to admit higher borrowing due to “wrong type of inflation”

The Chancellor will be forced to admit in tomorrow’s Budget that medium-term borrowing will be significantly higher than planned. The Financial Times reports that Budget forecasts to be released tomorrow will say “the wrong type of inflation” will squeeze Government finances and hit household incomes. The pressure on household incomes will mean income tax and […]

What are the key changes to transform pensions?

By Fiona Tait, pensions specialist In her final article for Royal London, Fiona Tait reviews key changes she believes have transformed, or will transform, pensions. In my 12 years with Royal London I have been paid to review, study and explain the numerous changes to pension legislation which have transformed our industry in that time. This is […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment