24th Jul 2014 10:50
LONDON (Alliance News) - Brooks Macdonald Group PLC Thursday said that its discretionary funds under management increased to GBP6.55 billion at the end of June, an increase of 28% from the GBP5.11 billion a year ago, helped by a GBP629.0 million rise in the last quarter alone with more than half of that amount due to the acquisition of Jersey-based DPZ Capital Ltd in April.
In a trading update for the year ended June 30, the AIM-listed wealth management group said that advisory funds under management increased to GBP456.0 million from GBP348.0 million over the same period, including GBP58.9 million from DPZ.
Brooks Macdonald also said that its property management business, Braemar Estates, had GBP1.13 billion in property assets under administration at the end of June, up from GBP1.04 billion last year.
"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," Chief Executive Chris Macdonald said in a statement.
"Whilst we continue to invest heavily for future growth, particularly in systems development, and adapt to the changing regulatory landscape, we look forward to making further progress in the new financial year," Macdonald added.
The group said it intends to issue its full results for the year on September 17.
Shares were Thursday quoted up 0.8% at 1,390.30 pence.
By Samuel Agini; [email protected]; @samuelagini
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