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Brooks Macdonald International says that its acquisition of the Lloyds Bank Channel Islands funds and wealth management business last year has helped to drive overall financial performance.
This purchase, combined by a Group-wide robust investment performance and improving net flows, helped drive overall Group Funds Under Management to a record level of £15.5bn, and International’s FUM up 63.9% over the period to £2.6bn.
These figures are included in the recently published Group half-year results for the six months to 31 December 2020.
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, CEO, Brooks Macdonald International, said: “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.
“Thanks to the hard work of our people in what has been a challenging year, we are able to look forward to the future with confidence.”
Pictured top: Brooks Macdonald CEO Andrew Shepherd.
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