Wealth manager Brooks Macdonald took a £545,000 hit from the FSCS levy last year but profits before tax for the six months to 31 December 2010 still rose 24% to £3.06m.
This compared to £2.47m during the same period in 2009, while turnover rose 53% to £25.1m over the period and earnings per share increased from 18.85p to 20.26p for the AIM-listed group. Discretionary funds under management at 31 December 2010 were £2.689bn, an increase of £500m or 23% over the six month period. This was supported by markets where the APCIMS balanced index rose by 15.22%. Brooks Macdonald also outlined plans for its new funds business, which will launch in the summer subject to FSA approval, under the leadership of former SWIP head of sales and marketing Simon Wombwel...
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