London-based private client asset management and advisory group, Brooks MacDonald, reported a 39 per cent rise in pre-tax profits for the ye...

London-based private client asset management and advisory group, Brooks MacDonald, reported a 39 per cent rise in pre-tax profits for the year ended June 30 2005. Total pre-tax profits came in at £621,000 ($1.1 million). Assets under discretionary fund management grew by 23 per cent in the year to £411.9 million. Total revenues grew by 16 per cent to $5.6 million. “We will continue to grow organically but in addition look to recruit high quality individuals to join both existing asset management and financial consulting teams,” said Chris MacDonald, chief executive of the firm. He added: “This, together with a number of additional services we plan to offer, and the expected growth in the SIPP market, leaves the group in good stead for the current year and beyond.” Yesterday, Brooks MacDonald announced the appointment of Simon Clark to join its asset management team in London. Mr Clark joined from NCL Smith & Williamson, where he managed private client portfolios. Prior to this he worked at Gerrard.