CompaniesApr 18 2012

Brooks MacDonald increases discretionary funds to £3.5bn

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ByEmma Ann Hughes

As at 31 March, wealth management group Brooks MacDonald’s discretionary funds under management stood at £3.5bn, a significant increase over the first three months of the year haven risen from £3.2bn at the end of 2011.

The increase in discretionary FUM comes after the Aim-quoted wealth management group revealed in March that three directors had sold 385,000 ordinary shares of 1p each in the company.

The three co-founder directors sold 3.5 per cent of the company’s shares in issue. Chris Macdonald sold 150,000 shares, Richard Spencer sold 130,000 while Jonathan Gumpel sold 105,000.

Mr Macdonald retains a 7.45 per cent stake in the business, Mr Spencer has a 7 per cent holding and Mr Gumpel has 5.9 per cent.

In an announcement to the stock exchange this morning, Christopher Knight, chairman of Brooks Macdonald, said the three men remained fully committed to the company and substantial shareholders post-disposal.

The trio still hold in aggregate a total of 20.4 per cent of the shares in issue. They entered into a lock-up agreement following the disposal of shares.