Brooks Macdonald Group has announced its audited results for the year ended 30 June 2020.
The results show that Brooks Macdonald International, which has offices in Guernsey and Jersey, improved its underlying profit margin to 18.7% over the year.
The firm pointed to improving commercial performance, particularly the recent acquisition of Lloyds Banking Group's Channel Islands wealth management and fund business.
The results report said robust investment performance had not fully offset the firm's improving, albeit slightly negative, net flows, resulting in an overall funds under management decline of 1.6%.
Brooks Macdonald International CEO Andrew Shepherd (pictured) had "a clear plan to bring margins up to the levels of the UK investment management business in the medium term", it said.
For the group overall, the results show that the underlying profit margin was up from 19.6% to 21.2%, while group revenue was £108.6m, underlying profit £23m, and year-end FUM £13.7bn.
Andrew Shepherd commented: "We have improved our profit margin and continue to reinvigorate the business in the Channel Islands, in particular through our Lloyds acquisition.
"The short-term outlook is uncertain, with the UK economy affected by the progress of the pandemic and events surrounding Brexit. Nonetheless, the fundamental opportunity for Brooks Macdonald International remains strong, we are confident about what the future holds."
• To view Brooks Macdonald's full-year results click here