Brooks Macdonald sees Yorkshire operation beating its target

WEALTH manager Brooks Macdonald yesterday said its Yorkshire operation was performing ahead of target, as it delivered a “solid” quarterly increase in the value of its funds under management.

Claire Bennison, Brooks Macdonald’s regional director, said further investment was planned in Yorkshire. “We have been very heartened by our reception in Yorkshire,” she said.

On September 30, the AIM-listed company’s discretionary funds under management totalled £5.37bn, an increase of 5.2 per cent on the previous quar- ter.

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The group’s property management business, Braemar Estates, had property assets under administration of £1.071bn, compared with £1.04bn at the end of June.

Braemar manages developments across Yorkshire from an office in Leeds on behalf of freeholders and leaseholders.

These include the Gatehaus development in Bradford, an apartment complex in Little Germany with 142 residential units and one commercial unit, Gateway in Leeds, which has 503 apartments with office, retail and an Ibis Hotel, Freedom Quay in Hull, which has 70 apartments, and Greenhouse, Leeds, which has 172 apartments.

Chris Macdonald, chief executive of Brooks Macdonald, said: “The group has made a good start to the year, reporting solid growth in funds under management across the group.

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“Total discretionary funds under management rose 5.2 per cent, driven by a combination of performance gains and organic growth.

“We are particularly pleased to report that Brooks Macdonald International achieved strong growth in discretionary funds under management in the quarter, in line with our expectation that it would start to grow this year following its integration.

“We are confident that its growth will continue over the course of the year driven by its bespoke portfolio service, advisory services and retirement advice business, and, later this year, through the launch of an offshore managed portfolio ser- vice.

“We remain confident in our ability to grow funds under management and, remain optimistic about the opportunities for the group.”

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Brooks Macdonald employs six staff in York, and Ms Bennison said the company hoped to grow its operation in York- shire.

Ms Bennison said that, although the economy hadn’t returned to the pre-2008 boom, people are feeling more confident about spending and saving.