Brooks Macdonald Group, the UK-listed wealth
management firm, logged discretionary funds under management of £5.52 billion (around
$8.67 billion) at the end of June, a rise of 18 per cent from a year earlier.
The result contrasts with a comparable fall of 7 per cent in the FTSE 100 Index
of UK blue-chip stocks.

Trading for the year ending on 30 June was in line
with the firm’s expectations, with revenues and profits “comfortably ahead of
last year”, the firm said in a statement.

In April, Brooks Macdonald launched its new
investment management administration service, having  become an Application Service Provider.  Following this launch, third party assets
under administration have risen above £50 million (these assets are excluded
from the funds under management numbers above).

Following the year end, the firm bought out its
continuing obligations to an introducing company, JPAM Limited, due to the
impending retirement of the principal with whom the group has had a long-standing
relationship. It is paying a total consideration in cash from its own resources
of up to £4.4 million, including the net assets of the company of £700,000. The
consideration is payable in deferred instalments over a three year period and
the acquisition is expected
to be earnings enhancing within twelve months.

Final results for the year are to be issued on 13
September.