Brooks Macdonald discretionary FUM up 18%

Wealth manager Brooks Macdonald reported discretionary funds under management rose over 18% to £3.520bn at the end of June compared to a year earlier.

The rise comes during a difficult time for investors with the APCIMS balanced index down 2% over the year and the FTSE 100 falling 7%. Broker Numis said the figures suggested the group has achieved its 20% organic growth target for 2012. Brooks Macdonald Funds is included in the total with FUM of £148m at the group's year end on 30 June 2012, compared to £101m a year earlier. The numbers exclude Braemar Estates, which had property assets under administration of £865m as at 30 June 2012 compared to £750m at the same time last year.  Brooks said trading for the year was in line wi...