The firm said this rise was spread across its asset management, funds and international businesses.
According to Brooks Macdonald, its “portfolios held up well in a period of significant volatility.”
New business was “ahead of management expectations” the firm said, however it cautioned that profits were affected by the “faster than expected pace of conversion from advisory to discretionary” in the international business.
The firm said it believes this is “positive for the future” although it negatively impacted trading income in the first half.
As at 31 December 2015, discretionary funds under management totalled £7.82bn, an increase of 6.71% versus 30 September 2015. The WMA balanced index rose by 3.22% over the quarter.
The growth was a combination of performance adding £278m and net new business of £214m, Brooks said.
“The group has made good progress in the first half despite considerable market volatility, with FUM exceeding £7.8bn,” said chief executive Chris Macdonald.
“Over the 2015 calendar year discretionary funds under management grew by over £850m through organic growth alone. Part of this growth has been fuelled by the planned movement of advisory clients to discretionary mandates in BMI. This effects income in the current financial year ended 30 June 2016, but it is our stated aim and a positive for the group medium term.”
“Our investment performance and new business remain strong and this is in spite of highly challenging market conditions,” Macdonald added.
