Brooks Macdonald International, the Channel Islands subsidiary of the Brooks Macdonald Group, has reported a 58% increase in the total value of funds under management (FUM) in the latest quarter and a 64% rise on the half year to a record high of £2.6bn.
The update on discretionary FUM for its second quarter, and its half-year trading update for the period ending 31 December 2020, were published by the group this month.
The increase in FUM for the International business was driven by the completion in December of the acquisition of Lloyds Bank’s Channel Islands wealth management and funds business, and the transfer of its portfolio clients to Brooks Macdonald International. Some 20 Lloyds staff have moved to Brooks Macdonald as part of the deal.
The update also highlights an improving trend through the quarter of net flows for the International business.
Meanwhile, total FUM for the Brooks Macdonald Group increased 13.6% in the quarter, ending the period at £15.5bn.
Andrew Shepherd (pictured), CEO of Brooks Macdonald International, commented: “I am proud of what our teams in Jersey and Guernsey have delivered in the past six months, in what has been an exceptionally difficult environment.
"Over the period, we built momentum in net flows and completed the significant acquisition of Lloyds’ Channel Islands wealth management and funds business, a key part of the reinvigoration of our Channel Islands business."
• To view Brooks Macdonald Group's quarterly announcement of FUM click here