British wealth manager Brooks Macdonald Group said that its discretionary funds under management (FuM) for the half year ended 31 December 2015 increased 5.52% compared to the same period a year ago.
The firm said this rise was reflected across its asset management, funds and international businesses against the WMA balanced index which declined 0.75% over the six months.
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In the trading update for the three months to 31 December 2015, the firm said discretionary FUM grew 6.71% to £7.82bn from £7.33bn recorded at the end of September 2015.
As a comparison, the WMA balanced index rose by 3.22% over the quarter.
The group’s property management business had property assets under administration of £1.12bn, up 1.29% from 1.07bn, as at 30 September 2015.
Third party assets under administration were more than £270m, up from £260m on 30 September 2015.
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By GlobalDataAccording to Brooks, new business was ahead of management expectations however profits were affected by the faster than expected pace of conversion from advisory to discretionary in the international business.
Brooks Macdonald CEO Chris Macdonald said: "The Group has made good progress in the first half despite considerable market volatility, with FUM exceeding £7.8bn. Over the 2015 calendar year discretionary funds under management grew by over £850m through organic growth alone.
"Part of this growth has been fuelled by the planned movement of advisory clients to discretionary mandates in BMI. This effects income in the current financial year ended 30 June 2016, but it is our stated aim and a positive for the group medium term.
"Our investment performance and new business remain strong and this is in spite of highly challenging market conditions."
