The Channel Islands subsidiary of independent investment manager Brooks Macdonald saw double digit growth in the value of funds it manages and a strong surge in net new business over the past twelve months, according to figures published by the Group last week (26 July).
Figures announced by Brooks Macdonald as part of its Trading Update for the financial year ended 30 June 2018 show that the value of discretionary Funds Under Management (FUM) in the firm’s International division, which includes the firm’s Guernsey and Jersey offices, grew by 10.7% over the year, and by 4.4% over the quarter, to stand at £1.7 billion.
In addition, the Update also shows that Brooks Macdonald’s Channel Islands business reported annual growth in net new business of 6.4%, up from 1.3% the previous year.
Meanwhile, the Brooks Macdonald Group as a whole added considerably to its discretionary FUM over the past twelve months to end the financial year at a record level of £12.4 billion, an increase of 18.7% over the year and 6.5% over the quarter.
Commenting on the results, Darren Zaman, CEO, International, Brooks Macdonald, said:
“It’s been another year of impressive growth for Brooks Macdonald as a whole and the Channel Islands are continuing to play a key part in that success, as we witness strong growth in our discretionary fund management business.
“Particularly pleasing is the fact that this growth has been driven by a material increase in net new business, a result of the effort we are putting into driving forward Brooks Macdonald’s international strategy by building client and adviser relationships in key overseas markets, including the Middle East and Africa.”