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Brooks assets rise above £3bn after Clarke acquisition

Discretionary management firm Brooks Macdonald has reported a sharp rise in assets under management for the final quarter of 2011 to more than £3.2bn, following the acquisition of fellow wealth manager Clarke Wilmott.

In a trading update to the London Stock Exchange this morning, the group confirmed that its assets had jumped 11 per cent from the third quarter, when it managed around £2.9bn, and by eight per cent from the second quarter, at the end of which the firm managed a little less than £3bn.

Part of this increase was accounted for by the integration of the Clarke Wilmott business, the acquisition of which completed at the end of October 2011 and added around £114m of discretionary client assets. This meant that it represented four per cent and three per cent respectively of the gains from Q3 and Q2.

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The totals included the assets held in the firm’s own range of funds, which stood at £114m as at the end of December, an increase of 13 per cent from the £101m under management reported at the end of the second quarter.

In addition, Brooks Macdonald reported that subsidiary property management business Braemar Estates had around £780m in assets under administration at the end of 2011, four per cent more than the £750m reported at the end of June.

The firm has confirmed that its full half-year results are due to be published on 13 March.