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Indy and restricted: Brooks Macdonald sets out RDR strategy

Chris Macdonald 200

Brooks Macdonald Group plans to offer a hybrid mix of independent and restricted advice post-RDR after it posted a 17 per cent increase in pre-tax profits for 2011/12.

The firm says its asset management business will become restricted, advising only on investment management, while its consulting business will be independent, advising on all aspects of financial planning.

The group reported an £8.5m pre-tax profit for the year ending 30 June, a 17 per cent increase on the £7.3m profit reported a year earlier.

Discretionary funds under management rose 19 per cent year-on-year from £2.97bn to £3.52bn. Funds under management grew to £148m, up from £101m the year before.

Property assets under administration, managed by Braemar Estates, grew to £865m, up 15 per cent from the £750m in 2010/11.

BM acquired the investment management department of Clarke Willmott in October 2011 for £1.9m and acquired Park Street London Limited, a long-term introducer of funds and clients, in July for a total cash consideration of £4.4m.

BM chief executive Chris Macdonald says: “Last year was tough but successful. We believe that market conditions will remain volatile and, given the onset of the RDR, we are entering a period of significant change in the distribution landscape for financial services. We are fortunate the group is well positioned, financially stable and with a large number of exciting opportunities.”


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