The acquisition of the Lloyds Bank CI funds and wealth management business has helped to drive the firm's total funds under management to £15.5 billion.
The Brooks Macdonald Group's half-year results highlight that the acquisition of the Lloyds CI business last November, combined with a Group-wide robust investment performance and improving net flows, helped drive overall FUM, and International’s FUM up 63.9% over the period to £2.6 billion.
The International business, which includes Brooks Macdonald’s offices in Guernsey and Jersey, reported revenues for the period of £7.1 million, a marginal increase on the same period last year (£7 million).
Andrew Shepherd, CEO, Brooks Macdonald International, said: “These half-year results reflect the significant contribution the International business in Jersey and Guernsey has made to our overall Group performance.
“As well as posting solid revenues in the Channel Islands over the period, our acquisition of the Lloyds business has had a considerable material impact on Group Funds under Management and profit.
“As we now look forward to the next phase of our Group strategy, focused on accelerating growth and value creation, our reinvigorated business in the Channel Islands is in a strong position to support the international investor market. Thanks to the hard work of our people in what has been a challenging year, we are able to look forward to the future with confidence.”
Pictured top: Brooks Macdonald has reported a record level of Group FUM.
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