17th Sep 2015 08:09
LONDON (Alliance News) - Wealth manager Brooks Macdonald Group PLC on Thursday reported a rise in funds under management for the year to the end of June, driven by investment performance and organic growth, as its pretax profit increased and revenue rose.
Pretax profit rose to GBP11.4 million from GBP10.6 million on revenue of GBP77.7 million, up from GBP69.1 million.
Brooks said its total funds under management increased to GBP7.41 billion at the end of June, up from GBP6.55 billion at the same time a year earlier. The growth was driven by organic growth in its funds under management of GBP645.0 million.
The company's Brooks Macdonald Funds asset management arm grew funds under management to GBP663.0 million from GBP518.0 million. Brooks said its property assets under administration, under its Braemar Estates franchise, rose to GBP1.14 billion from GBP1.13 billion, while its third-party assets under administration have now topped GBP255.0 million, up from GBP200.0 million.
The company said will pay a final dividend of 20.5 pence per share, up from 19.0p a year earlier, meaning its total dividend for the year rises to 30.5p from 26.0p.
"This has been a year of substantive progress for the group. We have continued to grow funds under management and increase profits whilst making considerable progress on our IT development, our distribution, improving our governance, completing two strategic alliances, broadening the senior management team and moving our head office," said Chief Executive Chris Macdonald.
"Over the coming year we will look to continue with the progress made and look to drive performance, service and new business. Investment markets remain volatile and this is clearly a headwind for the industry as a whole, but encouragingly our new business has been strong for the first quarter of the new financial year," he added.
In a separate statement on Thursday, Brooks said its Brooks Macdonald International arm has won a mandate to manage half of all of the existing offshore portfolios run by Personal Trust International, a South Africa-based fund manager. The mandate comprises USD40.0 million in assets under management across the two funds run by PTI.
By Sam Unsted; [email protected]; @SamUAtAlliance
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