Brooks Macdonald funds approach £3bn

Investment fund manager Brooks Macdonald, parent of Hale-based Braemar, reported increased revenue and profits in the year to the end of June.

The AIM-listed company acquired Braemar's managed funds, totaling £44m, and the Braemar Estates block management business for £4m in June 2010 and retained its Hale office.

Brooks Macdonald also employs 13 private client asset managers and half-a-dozen Braemar Estates lettings staff in 1 Marsden Street in Manchester city centre. The estates business has grown since takeover and now manages £750m of property assets.

In August 2011, Brooks Macdonald acquired the investment division of law firm Clarke Willmott LLP whose offices include 3 Hardman Street, Manchester, adding another £120m of funds under management.

The acquisitions helped boost funds under management at Brooks Macdonald up 36% to £2.969bn, a nine-fold increase from £315m in 2005.

Chris Macdonald, chief executive, said he has a further £13m 'free cash' for future takeovers and investment.

Pre-tax profits rose 28% to £7.8m during the 12 months on the back of increased revenue, up 49% to £52.2m.

Chris Macdonald added: "Our aim is to continue to grow our discretionary funds under management, through organic investment, acquiring investment management teams, expanding our regional presence, and developing our product and service offering."

The board has recommended a final dividend of 10p per share. If approved by shareholders this will result in total dividends for the year of 15p, an increase of 67% over the dividends of 9p per share paid for the previous financial year.