The report shows that the value of funds under management in the Channel Islands grew by 9.1% over the second half of 2017, and revenues generated by the Guernsey and Jersey offices grew by 3% year-on-year.
The group as a whole saw a 25.8% year-on-year increase in total discretionary funds under management, reaching £11.7 bn at 31 December, and a 10.9% increase in revenue.
This is despite an additional £5.5 million which will be used to compensate clients of Spearpoint which Brooks Macdonald acquired in 2012. This relates to a number of discretionary portfolios formerly managed by Spearpoint, now managed by Brooks Macdonald’s Jersey office, as well as a Dublin-based fund where Spearpoint acted as investment manager.
Darren Zaman, International CEO of Brooks Macdonald, said the Guernsey and Jersey offices are leading the firm’s international strategy by investing significantly in building strong relationships in key overseas markets, such as 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, which are contributing significantly to the group’s overall growth,’ he said.
‘Meanwhile, we are proactively and decisively dealing with some historic issues and our focus remains on treating customers fairly and seeking to protect our clients’ best interests so that we can look forward to the future of our business and building on our successful growth. We have a strong pipeline of new business and are confident of our prospects for the full year ahead.’
In the meantime, two Brooks Macdonald staff have featured in the wealth management ‘rising stars’ list published by PAM Insight. They are Jonathan Mynes, head of adviser solutions in Brooks Macdonald’s Jersey office, and Edward Channing, Senior investment director and the firm’s London team head, both being listed in PAM’s Top 40 Under 40 category. Brooks Macdonald’s Jersey-based investment manager Scott Goodrum has also been named in the ‘Top 30 Under 30: Class of 2018’ list, published by Citywire. Scott is the only Channel Islander to be featured in that list.