Brooks Macdonald funds arm 'to turn a profit in next financial year'

Wealth manager Brooks Macdonald expects its funds business to break even in the second half of its financial year, and will turn a profit for the first time in 2015-16.

Reporting its results for the six months ended 31 December 2014, the group said it has seen strong growth in its discretionary funds under management across its asset management, international, and funds arms. Over the period, Brooks Macdonald reported a 22.4% increase in discretionary funds under management to £6.95bn. Brooks Macdonald Funds now has AUM of £550m, while property assets under administration, managed by Braemar Estates, stand at £1.1bn, and third party AUA totals £225m. Pre-tax profit was £4.48m, down 9.1% from the same period in 2013. Revenue was 12.3% higher ...