Brooks Macdonald International saw its total value of Funds Under Management (FUM) grow by 58% in the latest quarter and by 64% over the half year to stand at a new record high of £2.6 billion.
The update on discretionary FUM for its second quarter and half year Trading Update for the period ending 31 December 2020, were published by the Group recently (14 January). They show that the significant increase in FUM for the International business was driven by the completion in December of the acquisition of Lloyds Bank’s Channel Islands wealth management and funds business, with its portfolio clients transferring to Brooks Macdonald International in line with expectations.
The update also highlights an improving trend through the quarter of net flows for the International business. Meanwhile, total FUM for the Brooks Macdonald Group increased 13.6% in the quarter, ending the period at £15.5 billion.
Andrew Shepherd, CEO, Brooks Macdonald International, commented: “I am proud of what our teams in Jersey and Guernsey have delivered in the past six months in what has been an exceptionally difficult environment, as we reached a record £2.6 billion in FUM and continued to strengthen our team. Over the period we built momentum in net flows and completed the significant acquisition of Lloyds’ Channel Islands wealth management and funds business, a key part of the reinvigoration of our Channel Islands business.
“We have been pleased to welcome 20 new colleagues to the team as part of that acquisition too. These are strong figures and give us good reason to be excited and positive about the future as we continue to pursue our vision of being the leading investment manager for clients, trustees and advisers”.
