Channel Island-based BMI achieved revenue growth of 13.6%, while the group’s UK operations reported a 17.8% rise during the six-month period.
The latest results reflect an improvement for BMI, which reported a decrease in revenue during its full-year results to 30 June 2016.
The international business reported a 12.1% decrease in revenue to £11.6m compared with the previous year.
The fall was attributed to the business changing its focus from advisory to discretionary clients, with the aim of generating more stable, long-term revenues.
Strategic alliance
In November 2016, Brooks Macdonald inked its first international strategic alliance. The agreement gives UAE-based clients of Dubai IFA firm Abacus access to Brooks Macdonald’s full range of international investment management services.
At the time, Darren Zaman, chief executive – international at Brooks Macdonald told International Adviser: “This is the first of what I hope with be many strategic alliances outside the UK.”
Group performance
Brooks Macdonald’s two UK-based investment businesses, Investment Management and Funds, also achieved double digit revenue growth during the six-month period.
The company advised that the Funds and Investment Management businesses will move closer together during 2017.
Both businesses already work closely with regard to investment management, however the intent is to extend the cooperation to distribution, which would also encapsulate the international business.
Group discretionary funds under management hit £9.33bn, up by 19% from £7.8bn during the same period in 2015.
Brooks Macdonald chairman Chris Knight said: “It’s been another strong six months for the group. Growth in discretionary funds under management drove increases in profit and earnings per share.
“This was against a difficult political and economic background, with client sentiment being volatile, albeit investment markets remained supportive over the period.”
Chief executive retirement
As previously announced, Brooks Macdonald confirmed that Chris Macdonald will retire as chief executive on 10 April, having run the business for 25 years. He will no longer be an executive director but Macdonald will remain on the board as deputy chairman.
His replacement has already been confirmed as Caroline Connellan, who will join the business in April. For the last five years, Connellan has held senior management positions at HSBC Bank, most recently as head of UK premier and wealth.
