UK-listed Brooks Macdonald, the wealth management firm, saw its discretionary funds under management increase 4.2 per cent to £5.92 billion($9.95 billion) in the first quarter. In comparison, the WMA balanced index of fell 0.3 per cent over the same period.

UK-listed Brooks Macdonald, the wealth management firm, saw its discretionary funds under management increase 4.2 per cent to £5.92 billion ($9.95 billion) in the first quarter. In comparison, the WMA balanced index fell 0.3 per cent over the same period.

Brooks Macdonald said this growth of £245 million comprised of £30 million from performance and £215 million from net new business.

Meanwhile, advisory funds under management for the quarter totalled £413 million, an increase of 10.5 per cent, the firm said.

The group’s property management business Braemar Estates had property assets under administration of £1.1 billion, an increase of 6.27 per cent from the last quarter, while third party assets under administration have increased £20 million to £180 million.

Earlier this month, Brooks Macdonald acquired Jersey-based DPZ Capital Management for an initial sum of £5.7 million, a deal that boosts discretionary funds under management by £360 million to a total of £6.04 billion. For more on this story, click here.

“Despite flat markets in the first quarter, we have made good progress in growing assets under management in all areas of the business. Overall, in our financial year to date, discretionary funds under management have risen 16 per cent,” said chief executive Chris Macdonald.

“The acquisition of DPZ Capital at the start of the new quarter has expanded our international business based in Jersey and adds a further £360m of funds under discretionary management. The acquisition of DPZ is a further exciting development for the group,” he added.