Brooks Macdonald, a London-based wealth management firm, has generated £6.55 billion discretionary funds under management by the end of 30 June 2014, an increase of 28% from £5.11 million (US$13.4 million) reported a year ago.
Over the year discretionary funds grew by £1.44 billion, or 28.2%. This compares to the WMA Balanced index grew by 6.2% over the year.
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According to the group, Advisory funds under management, which included £58.9 million added with DPZ, stood at £456 million as at 30 June 2014, an increase from £348 million as of 30 June 2013.
The firm said it expects DPZ to be earnings enhancing in the financial year ending 30 June 2015.
In the last quarter, the group’s discretionary funds under management boosted to £629milion in total, £363 million of which was a result of the DPZ acquisition.
Brooks Macdonald also reported third party assets have grown to in excess of £200million form £140million last year.
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By GlobalDataAdditionally, Brooks Macdonald said that it expects to exercise its option to acquire Levitas Investment Management Services imminently.
Chris Macdonald, CEO of Brooks Macdonald, said: "We have continued to see strong growth in our funds under management during the year, which are up 28% on last year and have now reached £6.55 billion. Progress across the Group has also been highlighted by selective acquisitions to improve the offering of our Funds division, as well as our expanding international presence."
