Brooks Macdonald reports 33% jump in profits

Wealth manager Brooks Macdonald Group saw pre-tax profits jump by one-third in the second half of last year, and has hiked its dividend.

In its results for the six months to 31 December 2011, the group reported pre-tax profits grew from £3.06m to £4.08m. Total funds under management climbed 19% to £3.2bn, and the firms has raised its dividend by 20% to 6p per share. The growth in funds under management was driven by an increase in the strength of the firm’s distribution, and the acquisition of £114m of discretionary client assets from Clarke Willmott in October. Discretionary FUM increased 8% to £236m over the reporting period. Chris Macdonald, CEO, said: “In spite of considerable market volatility, the group has co...