Brooks Macdonald has reported 45% growth in discretionary funds under management for the year to June, but warned the costs of investing in the business will drag on margins in 2014.
In a trading update covering the full year to 30 June, the wealth manager reported discretionary funds climbed to £5.11bn, from £3.52bn on 30 June 2012. This is an increase of 45% over the year, or 25.6% excluding the acquisition of Spearpoint, which had AUM of £329m at the end of the year. Discretionary FUM taken on as part of the Spearpoint acquisition totalled £686m (£601m in portfolios and £85m in funds). At year end this totalled £650m. Advisory funds under management (formerly managed by Spearpoint) totalled £348m, down from £357m at the end of December 2012. Brooks Macdonal...
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