Brooks Macdonald discretionary FUM tops £7bn mark

Brooks Macdonald has seen an increase in its funds under management over its financial third quarter, driven by new discretionary business.

The AIM-listed wealth manager saw its discretionary funds under management increase from £6.95bn at end of December to £7.47bn at the end of March, an increase of 7%.  FUM in its advisory arm totalled £482m, an increase of 5% from the previous quarter. The group said it achieved 3.6% organic growth, which excludes market movements, and 3.8% growth from market performance. Brooks Macdonald had already seen a 22.4% increase in its discretionary funds under management in the six months to December. The firm expects to turn a profit in the next financial year after heavy investment int...