Financial services firm Brooks Macdonald has reported a 59% increase in its international arm’s funds under management (FuM), during its half-year results for the six months ending 31 December 2020.
FuM came in at £2.59bn ($3.61bn, €3.02bn) on 31 December 2020, compared to £1.63bn a year before.
The firm said that the completion of the acquisition of Lloyds Banking Group’s Channel Islands funds and wealth management business was the main factor for the “immediate earnings enhancement”.
Revenue was £7.1m in H1 FY21, a similar number to the previous year.
This was the same for underlying profit before tax which stood at £1.4m in H1 FY21.
Group
Overall, the group’s total funds under management reached a record level of £15.5bn at 31 December 2020 (31 December 2019: £13.1bn), representing an increase of 13.3% in the period.
Revenue increased by 1.8% to £55.9m, compared to £54.9m in H1 FY20. Underlying profit before tax was up 21.7% to £14m (H1 FY20: £11.5m).
Caroline Connellan, chief executive of Brooks Macdonald Group, said: “We continued to make good progress in the first half of the year, delivering strong financial performance as we moved into the next phase of our strategy, focused on accelerating growth and value creation.
“Our ongoing robust investment performance, coupled with high-quality acquisitions, brought FuM to record levels and, alongside strong cost discipline, resulted in record underlying profit margin. This shows that the investment we have made and the actions we have taken are delivering financial and strategic benefits for the business now and positioning us well for the future.
“Looking ahead, client sentiment has held up well and, although the timescale for easing of lockdown restrictions remains uncertain, we continue to have a positive outlook. Momentum is building in the business and we are on track to meet full year profit expectations.”
