Positive net flows for Brooks Macdonald
PRE-TAX profits of £1m., with revenues up 16.5% and closing funds under management of £2.2bn. have been reported by Brooks Macdonald International in its group’s latest annual results.
Improving flows and a solid commercial performance in difficult market conditions are also key highlights for BMI, which has offices in Jersey, Guernsey and Isle of Man.
The figures show a return to positive net flows for two-quarters of the year for International, with net outflows reducing from £59.8m. to £25.4m. overall. The results also reflect the full year impact of the Lloyds Channel Islands business, which was acquired in late 2020.
Also highlighted is the opening of the new Isle of Man office last year, which is expected to be an increasing source of business growth, particularly through its referral agreement with Lloyds Bank.
‘This has been another positive year for Brooks Macdonald International – we’ve delivered improved net flows and, in its first full-year, the Lloyds Channel Islands business has positively impacted revenue,’ said CEO Richard Hughes.
‘Our new Isle of Man office has established itself well and is expected to be an increasing source of growth. Our clients and the professional advisers we partner with are facing a challenging macroeconomic and market environment and, as ever, we will support them through these difficult times.
‘Despite these challenges, the fundamental long-term opportunity for Brooks Macdonald remains strong.
'We have momentum, we have an ambitious growth strategy, and we have a strong team ready to take full advantage of the opportunities ahead.’