Wealth management firm Brooks Macdonald has revealed that around 20 per cent of its £16.8bn of assets are now held within the model portfolio service it distributes among financial advisers.
In its latest full year results, published this morning (September 14), the company revealed that its platform managed portfolio service grew its assets by 70 per cent over the past year.
The two other business units are bespoke MPS, which is generally for the clients with the largest portfolios, and the multi-asset fund range for the clients with the smallest portfolios.
The company confirmed there were outflows from the main bespoke service, though its decumulation product within this grew its assets by 50 per cent over the year.
Total assets under management stood at £16.8bn on June 30, 2023, an increase of £900mn on the previous year.
Profits were lower however, at £30.3mn, compared with over £34mn the year prior.
Andrew Shepherd, chief executive at Brooks Macdonald, said: “As we look ahead, our focus remains on ensuring we are well positioned to support clients, advisers and our people.
"This underpins our ambition and the plans we have in place to take advantage of the long-term opportunity. Supported by a strong capital position, our proven strategy, and motivated people, we look to the future with confidence.”
Brooks Macdonald acquired two advice firms over the past year.
FTAdviser understands the company looked at around 20 firms during the period, before deciding to acquire the two it did.
The results statement confirmed the business continues to monitor potential acquisition targets, and also that it expects assets under management to grow this year, despite the uncertain market conditions.
david.thorpe@ft.com
