The Channel Islands subsidiary of the Brooks Macdonald Group also grew by 64% over the half year, to stand at a new high of £2.6 billion, according to the latest figures published by BMI.
The significant increase in FUM for the International business was driven by the completion, in December, of the acquisition of Lloyds Bank’s Channel Islands wealth management and funds business, with its portfolio clients transferring to Brooks Macdonald International.
The update also highlights an improving trend through the quarter of net flows for the International business.
“I am proud of what our teams in Jersey and Guernsey have delivered in the past six months in what has been an exceptionally difficult environment, as we reached a record £2.6 billion in FUM and continued to strengthen our team,” said CEO Andrew Shepherd.
“Over the period we built momentum in net flows and completed the significant acquisition of Lloyds’ Channel Islands wealth management and funds business, a key part of the reinvigoration of our Channel Islands business. We have been pleased to welcome 20 new colleagues to the team as part of that acquisition too.
“These are strong figures and give us good reason to be excited and positive about the future as we continue to pursue our vision of being the leading investment manager for clients, trustees and advisers.”
Pictured top: Brooks Macdonald International CEO Andrew Shepherd.