Wealth manager Brooks Macdonald has announced a spate of acquisitions alongside a hike in profits which have jumped 17% to £8.5m year-on-year.
The group completed acquisitions of Clarke Wilmott's Investment Management team and funds introducer Park Street London in deals valued at £114m and £4.4m respectively, with the final deal coming after the year end.
"Last year was tough but successful. We believe that market conditions will remain volatile and, given the onset of RDR, that we are entering a period of significant change in the distribution landscape for financial services," said chief executive Chris MacDonald.
"We are fortunate that the group is well positioned, financially stable and with a large number of exciting opportunities. We have had an encouraging start to the new financial year with funds under management continuing to grow," he added.
Total funds under management grew 19% year-on-year from £2.97bn to £3.52bn, the group said in its annual report (for the year ended 30 June 2012).
Total dividends for the year rose from 15p to 18.5p.
The group said the £114m deal to buy the investment team from Clarke Wilmott in November last year, coupled with the £4.4m Park Street London deal, had been paid for out of the group's cash resources.
In an eventful year, the wealth manager also appointed its subsidiary Braemar Estates as property manager of the £50m Ground Rents Income fund. Property assets under administration grew 15% to £865m from £750m.
The group has also put resources into growing its third party assets from scratch to over £50m.
In preparation for the retail distribution review the group outlined its post-RDR framework in its statement, confirming its asset managemet business would be restricted and would advise only on investment management. Meanwhile its consulting business will be independent.
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