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March 16, 2017

Brooks Macdonald H1 pre-tax profit jumps 49%; discretionary FUM up 19%

British wealth manager Brooks Macdonald Group has reported a pre-tax profit of £8.16m for the six months ended 31 December 2016, a 49% surge compared to £5.48m in the prior comparative period.

By Verdict Staff

British wealth manager Brooks Macdonald Group has reported a pre-tax profit of £8.16m for the six months ended 31 December 2016, a 49% surge compared to £5.48m in the year ago period.

The firm’s revenue during the period increased 17% to £45.34m from £38.7m a year earlier.

The group’s total discretionary funds under management (FUM) reached £9.33bn at the end of 31 December 2016, a jump of 19% from £7.82bn a year ago. This included net new business of £332m and £697m of investment growth.

The firm announced an interim dividend of 15p, up from 12p last year.  

Brooks Macdonald CEO Chris Macdonald said: "In my final set of results as Chief Executive, I'm delighted to be reporting further strategic progress across the Group and double digit increases in both funds under management and profits. We continue to see encouraging levels of organic growth across all our divisions despite volatile client sentiment in light of the macro environment. We are therefore on track to meet our expectations for the full year.”

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