Brooks Macdonald has seen funds under management climb by 4.2% in the first quarter of 2014, results have revealed.
The wealth manager had £5.92bn of discretionary funds under management at the end of March, compared to £5.68bn at the end of 2013. New business accounted for £215m of the increase, while performance added a further £30m.
Brooks Macdonald chief executive Chris Macdonald (pictured) said: “Despite flat markets in the first quarter, we have made good progress in growing assets under management in all areas of the business. Overall, in our financial year to date, discretionary funds under management have risen 16%.
“The acquisition of DPZ Capital at the start of the new quarter has expanded our International business based in Jersey and adds a further c.£360m of funds under discretionary management.”
Advisory funds under management saw the biggest increase, while property and third party assets also grew.
The firm announced it is creating a fixed income unit after purchasing Jersey-based DPZ Capital earlier this week.
