Wealth management firm gears up for growth in Yorkshire

However, Andrew Shepherd, the company’s deputy chief executive, said he expected to see periods of investor volatility over the course of the Brexit negotiations.

Brooks Macdonald, which employs 11 people in its York office, revealed that it had added more than £1bn in discretionary funds under management during the half year, and it also secured double digit increases in profit and earnings per share.

Mr Shepherd told The Yorkshire Post that Brooks Macdonald is about to sign a new lease on its York office, which means the firm is committed to the city for at least another five years.

He said the company’s York office is working with advisers across the east coast, and the prospects for growth in Yorkshire are strong,

He added: “Currently there are £200m of funds managed from the York office, I expect this to rise to £500m over the next few years.”

In the six months ended December 31 2016, the company’s revenues rose to £45.34m from £38.70m in the same period the year before.

Underlying pre-tax profit increased by 24 per cent to £8.87m while underlying earnings per share rose by 22 per cent to 51.83p.

Chris Knight, the company’s chairman, said: “It’s been another strong six months for the group. Growth in discretionary funds under management drove increases in profit and earnings per share.”

Mr Knight said that Chris Macdonald, who he described as “the principal architect of the group’s success”, will retire as chief executive on April 10,

Mr Knight added: “He has led the business with vigour, with determination and with vision for 25 years and all our stakeholders have reason to thank him.

“Although he will no longer be an executive director, he will remain on the board as deputy chairman, in which role I know he will continue

to provide help and encouragement to the business.”

Caroline Connellan will succeed Mr Macdonald as chief executive next month.

Mr Macdonald, said: “In my final set of results as chief executive, I’m delighted to be reporting further strategic progress across the group and double digit increases in both funds under management and profits.

“We continue to see encouraging levels of organic growth across all our divisions, despite volatile client sentiment in light of the macro environment.

“We are on track to meet our expectations for the full year.

“The last 25 years have been an incredible journey, from setting up the business, to listing on AIM, and growing FUM to over £9bn.

“It has been fantastic to lead a business defined by a strong culture and talented people, and I look forward to continuing to be a part of it in my new role.”

The group, which was founded in 1991 and began trading on AIM in 2005, had discretionary funds under management (FUM) of £9.33bn on December

31 2016.

The group has twelve offices across the UK and the Channel Islands including offices in London, Edinburgh, Guernsey, Jersey, Leamington Spa and Manchester.