The Channel Islands subsidiary of investment manager Brooks Macdonald has reported an increase in net new business and is making a good contribution to the group’s overall performance, according to the firm’s financial report for the six-month period ending 31 December 2017.
The report confirms that the value of funds under management (FUM) in the Channel Islands grew by 9.1 per cent over the second half of 2017.
Revenues generated by the firm’s Guernsey and Jersey offices grew three per cent year-on-year to represent around 14 per cent of the group’s total revenues over the period, it said.
Across the group, Brooks Macdonald saw a 25.8 per cent year-on-year increase in total discretionary FUM, reaching £11.7bn at 31 December, and a 10.9 per cent increase in revenue, driven by growth across its UK investment and funds businesses and its international division.
The report also confirms that an additional £5.5 million will be used to deal with legacy matters following Brooks Macdonald’s acquisition of Spearpoint in 2012. These matters relate to discretionary portfolios formerly managed by Spearpoint, now managed by the firm’s Jersey office, as well as a Dublin-based fund for which Spearpoint acted as investment manager.
Darren Zaman, CEO, International, Brooks Macdonald, commented: “Through our Guernsey and Jersey offices, we are leading Brooks Macdonald’s international strategy by investing significantly in building relationships with clients and advisers in key overseas markets, including the Middle East and Africa.
"As a result, net new business is growing strongly, increasing the value of our discretionary funds under management and our revenues.”