Brooks Macdonald’s discretionary funds in the first half of its financial year hit £5.68 billion, an 11.1% rise. The solid results may lead to acquisitions according to Brooks Macdonald’s chief executive.
Over the first six months of the current financial year, the funds grew by £570 million. Brooks Macdonald also overperformed in comparison to the APCIMS, which grew 3% in the previous quarter, as they grew by 5.7%.
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Chris Macdonald, chief executive of Brooks Macdonald, said: "The first half of our financial year has seen good progress made across the Group, with strong organic growth in funds under management aided in part by positive investment conditions. We continue to review interesting acquisition opportunities as evidenced by the Levitas and North row Capital transactions, both of which further enhance our investment offering."
In addition, Close Brothers’ assets under management (AuM) increased by 4% to reach £9.5 billion in the five months leading up to 31 December 2013.
This rise was attributed to positive market movement and net inflows. The group also said that the revenue margin had remained ‘broadly stable’ and the division ‘continues to improve.’
