Brooks Macdonald International’s acquisition of the Lloyds Bank Channel Islands funds and wealth management business in November last year has helped drive Brooks Macdonald’s overall financial performance, according to the group’s half-year results published last week.
The results, for the six months ended 31 December 2020, highlight that the acquisition of the Lloyds Channel Islands business, combined with group-wide investment performance and improving net flows, helped drive overall group funds under management to £15.5bn, and International’s FUM up 63.9% over the period to £2.6bn.
Meanwhile, the International business, which includes Brooks Macdonald’s offices in Jersey and Guernsey, reported revenues for the period of £7.1m, a marginal increase on the same period last year (£7m).
Andrew Shepherd (pictured), CEO of Brooks Macdonald International, commented: “These half-year results reflect the significant contribution the International business in Jersey and Guernsey has made to our overall Group performance.
"As well as posting solid revenues in the Channel Islands over the period, our acquisition of the Lloyds business has had a considerable material impact on group funds under management and profit.
“As we now look forward to the next phase of our group strategy, focused on accelerating growth and value creation, our reinvigorated business in the Channel Islands is in a strong position to support the international investor market.”
• The full half year results can be viewed here