Brooks Macdonald saw modest growth in its underlying discretionary assets under management (AUM) in the build up to the RDR.
The AIM-listed wealth manager recorded a 5 per cent underlying rise in discretionary AUM in the final quarter of 2012, but was boosted by the acquisition of Spearpoint, with its £686m of discretionary assets, in November.
This meant that its overall AUM grew by 23.2 per cent to £4.62bn in the final three months of 2012.
The underlying figures were slightly lower than the growth in the third quarter of 2012 and meant that in the second half of the year Brooks Macdonald’s underlying AUM grew by £414m, or 11.8 per cent.
The greatest growth was in the firm’s fund management subsidiary, Brooks Macdonald Funds, which saw underlying growth in the second half of the year of 65 per cent, from £148m to £244m. The addition of Spearpoint’s funds raised that to £323m by year end.