Brooks Macdonald reports 6% profits boost despite losses in funds arm

FUM also higher

Wealth manager Brooks Macdonald reported rises in profits and FUM for the second half of 2015, despite incurring losses in its funds business.

In the half yearly report, the group said underlying pre-tax profits were up 6% to £7.1m, compared to £6.7m for the same period in 2014, while revenues rose to £38.7m from £37.5m. The group's discretionary funds under management climbed to £7.8bn by 31 December 2015 from £7.4bn at the end of June 2015. However, the group's funds arm incurred a loss for the half year "as a result of costs and charges incurred in two specialist funds which have not achieved critical mass" even though there was appeal for the firm's multi-asset range. In Q1 last year, the firm said it expected its fun...