12th Mar 2014 09:02
LONDON (Alliance News) - Brooks Macdonald Group PLC Wednesday reported a 16% rise in half-year pretax profits, as its funds under management grew by GBP570 million over the six month period.
The AIM-listed wealth management group reported a GBP4.9 million pretax profit for the six months ended December 31, 2013, compared with GBP4.3 million reported for the corresponding period in 2012. Revenue grew by 6.1% to GBP33.4 million, while administrative costs grew by 4.0% to GBP28.3 million.
Funds under management, as announced in a January 24 trading update, amounted to GBP5.68 billion at the end of the six months, up 11% over the period, a combination of GBP315 million in net new business and GBP255 million of investment growth.
"Growth was achieved across the group, onshore and offshore, in our bespoke private client service, funds and managed portfolio service," Christopher Knight, chairman, said in a statement, adding that expectations for the current year "remain in place".
"I am also pleased to report that we have launched [a managed portfolio service] offshore similar to our onshore offering. In addition our property assets under administration managed by Braemar Estates rose by GBP30 million (2.9%) and our third party assets grew by GBP40 million (33%) in the six month period. Financial Consulting income grew by 13% relative to the same period last year," Knight added.
The wealth manager has also been working to develop its investment offering, having launched a new fund, through partnership North Row Capital LLP, which offers investors liquid exposure to global real estate markets, at the end of February.
In December the wealth manager acquired an option to buy Levitas Investment Management Services Limited, exercisable from July.
Brooks Macdonald raised its interim dividend to 7.0 pence from 6.5 pence.
Brooks Macdonald shares were Wednesday quoted at 1,726.00 pence, down 4.6%.
By Samuel Agini; [email protected]; @samuelagini
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