Spearpoint deal drives 44% rise in Brooks Macdonald FUM

Brooks Macdonald's acquisition of Spearpoint helped drive a 44% rise in FUM in the second half of last year, although the firm continues to count the cost of RDR.

FUM rose from £3.2bn to £4.6bn as the purchase of the Channel Islands-based manager of the Arch cru funds added £686m of assets to the business. This included funds totalling £85m and advisory assets of £357m in an acquisition which took place in November last year. While total growth in assets was £1.1bn, this included £414m of organic and market growth, with the Spearpoint assets stripped out. The wealth manager factored in costs of £1.05m for the Spearpoint deal. Meanwhile, property assets under administration, managed by Braemar Estates, grew to £885m an increase of 14% from...