Discretionary funds under management at Brooks Macdonald Asset Management were nearly £3 billion (about $4.8 billion) at the end of June, almost £1 billion more than in the second quarter of last year.

The figure is also 6 per cent higher than the £2.8 billion the UK-listed wealth manager reported for the first quarter of 2011.

The latest results mean that the firm, which held £1.4 billion in the summer of 2009, has more than doubled its funds under management in the past two years.

“We have continued to recruit intermediary sales managers and investment managers and have the resources in place to support our ambitious growth strategy,” said Chris Macdonald, chief executive of BMAM.

Brooks Macdonald has had a busy start to the third quarter, with the launch of a new funds business including seven funds from across the group with about £100 million under management between them. The firm also added Richard Harley to its intermediary sales team at the beginning of July.

Second quarter results have been positive in the asset management field, with many US giants such as Goldman Sachs and Bank of America increasing their revenues from asset management while they declined in other areas.