Brooks Macdonald Group, the UK-listed wealth management firm, logged discretionary funds under management of £5.52 billion (around $8.67 billion) at the end of June, a rise of 18 per cent from a year earlier. The result contrasts with a comparable fall of 7 per cent in the FTSE 100 Index of UK blue-chip stocks.

Trading for the year ending on 30 June was in line with the firm’s expectations, with revenues and profits “comfortably ahead of last year”, the firm said in a statement.

In April, Brooks Macdonald launched its new investment management administration service, having  become an Application Service Provider.  Following this launch, third party assets under administration have risen above £50 million (these assets are excluded from the funds under management numbers above).

Following the year end, the firm bought out its continuing obligations to an introducing company, JPAM Limited, due to the impending retirement of the principal with whom the group has had a long-standing relationship. It is paying a total consideration in cash from its own resources of up to £4.4 million, including the net assets of the company of £700,000. The consideration is payable in deferred instalments over a three year period and the acquisition is expected to be earnings enhancing within twelve months.

Final results for the year are to be issued on 13 September.