Brooks Macdonald’s surges 28%

WEALTH manager Brooks Macdonald has posted a surge in turnover and profits as funds under management soared to nearly £3 billion during the year to the end of June.

The Aim-quoted group, whose regional network includes an office in Edinburgh, is also considering further acquisitions, though chief executive Chris Macdonald, right, stressed these would have to be a “proper fit” for the company. Brooks Macdonald bought property specialist Braemar last year and more recently purchased the investment division of law firm Clarke Willmott.

“We are very aggressive when it comes to growth, but deeply conservative on how we run the business,” Macdonald said. “We are certainly presented with two or three possible acquisitions every month. The key question for us is always whether it is a proper fit for our business.”

Funds under management rose 36 per cent to £2.97bn, helped in part by the acquisition of Braemar’s property funds. However, the vast majority of the uplift came from organic growth.

Pre-tax profits were 28 per cent higher at £7.3 million as revenues rose 49 per cent to £52.2m. A final dividend of 10p per share was declared, making the total pay-out 15p for the year.

The Edinburgh office was set up in September 2009 with three recruits from Adam & Company, the wealth management subsidiary of Royal Bank of Scotland. It has now expanded to eight staff, and is said to be performing well.