AIM-listed wealth manager Brooks Macdonald has seen assets under management soar to £4.6bn in the last three months, boosted by the recent acquisition of Spearpoint.
The group, which bought Arch cru fund manager Spearpoint in November for £32m, said discretionary funds under management have jumped from £3.75bn to £4.62bn in the final quarter of the year, a 23% climb.
The takeover of Spearpoint added the vast majority of the new assets, as Brooks previously had discretionary assets under management of £686m. In addition, Spearpoint had advisory assets of £357m.
Brooks reiterated today that Spearpoint is a good fit with its existing growth strategy, giving it important access to an expanding international pensions market.
The remainder of the growth in AUM has been internal, with Brooks swelling its own assets by 5%.
Although no profit figure will be revealed until the half-year numbers are released, Brooks said revenues and profits are ahead of the same period last year.
Elsewhere, Brooks' property management business Braemar Estates achieved marginal growth in assets against a backdrop of falling valuations, with AUM up from £865m to £885m over the last six months.
Chris Macdonald (pictured), chief executive of Brooks Macdonald, said: "The half-year has been a successful period of growth across the group, culminating in our acquisition of Spearpoint in November. We are excited about the enhanced capabilities this gives to our group offering."
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