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Brooks Macdonald’s discretionary arm grows 8%

Brooks Macdonald’s discretionary arm grows 8%

Brooks Macdonald Group has seen 7.4 per cent growth over the first quarter of this year in its discretionary fund management business.

At the end of March this year discretionary funds under management totalled £7.5bn, compared with December’s figure of £7bn. The Wealth Management Association index increased by 4.2 per cent over the quarter.

A figure of £263m constitutes growth in performance by the company, whilst a figure of £253m represents net new business for the quarter.

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In the advisory space, funds under management, managed by Brooks Macdonald International, totalled £482m at the end of the quarter, an increase of 5.5 per cent from December’s figure of £457m.

The group’s property management business - Braemar Estates - has remained largely unchanged, with property assets under administration of £1.1bn at the end of March and £1.1bn last December.

Brooks Macdonald Group has third party assets under administration in excess of £245m, against December’s figure of £225m.

Chris Macdonald, chief executive of Brooks Macdonald, said: “After a solid first half performance, we have reported a positive third quarter, growing discretionary funds under management by over 7 per cent to £7.5bn, derived from a combination of organic growth and investment performance.

“As previously announced, we will be moving from our current London West End offices to new premises nearby during the current quarter. This will facilitate further expansion of the group and underlines our growth ambitions for the remainder of the year and beyond.”

ruth.gillbe@ft.com