British wealth manager Brooks Macdonald has reported that its funds under management reached £16.5bn at the end of June 2021, a surge of 20.3% compared to last year.

For the fiscal year ended 30 June 2021, the company registered continued investment performance of 15.8%, ahead of the MSCI PIMFA Private Investor Balanced Index.

Group revenue for the period grew 8.8% to £118.2m.

The strong investment performance as well as the acquisitions of Cornelian Asset Managers and Lloyds’ offshore wealth business contributed to the surge in revenue, the firm said.

The company also said that the net flows were positive in H2 at the group level while UKIM discretionary business remained positive for the full year.

Underlying profit before tax for the period stood at £30.6m, a 33% increase from £23m in FY2020.

The group has hiked its total dividend by 18.9% to 63p on the back of strong performance.

Brooks Macdonald said it is well positioned to deliver on an ambitious growth strategy with a strong pipeline and net flows expected to improve further over FY22.

Strategic Growth

Brooks Macdonald said that its deals during the first half of the year delivered above the targeted earnings accretion, boosting the group’s acquisition capabilities.

During fiscal 2021, the firm also registered rapid growth of Brooks Macdonald Investment Solutions proposition and about 50% increase in FuM for its Bespoke Portfolio Service products.

It also partnered with wealth management technology and operations company SS&C to enhance client and intermediary experience and service levels.

Andrew Shepherd, who has spent 19 years with the firm, has been appointed as the new CEO.


Commenting on the FY 2021 results, Shepherd said: “I am pleased to report that, in a period dominated by the pandemic, we have not only again delivered strong financial performance, but we have also made further progress against our strategic ambitions.

“I am excited to lead the firm at a time of great opportunity for Brooks Macdonald, based on our vision as the leading investment manager for intermediaries.

“Our strategy is working, grounded in our purpose of realising ambitions and securing futures. We are in a strong position, primed to deliver on our ambitious growth aspirations.”