Funds under management rose 60% for Brooks Macdonald Investment Solutions (BMIS) in the six months ending 31 December.

BMIS is Brooks’ discretionary offering for advisers.

The wealth manager’s platform-managed portfolio service saw a 20% rise in funds under management.

The discretionary businesses had annualised net flows of 6.3% got the period.

Total funds under management for Brooks Macdonald reached £173.bn, up 5.3% over the six months ending 31 December.

The wealth manager saw net flows turn positive as they rose to £326m after reporting net outflows in the same period the previous year (H1 2021: outflows of £367m). Annualised net flows rose 4.7%.

Revenue increased by 10.7% to £61.9m (H1 2021: £55.9m) driven by the positive net flows and a complete half year contribution from the acquisition of Lloyds Banking Group’s Channel Islands funds and wealth management business.

Underlying profit before tax rose 25.7% to £17.6m (H1 2021: £14m) with underlying profit margin rising 3.3% to a record high of 28.4%. This was driven by higher revenues and cost discipline.

Underlying basis earnings per share increased by 20.7% to 88.6 pence per share.

In its half year results, Brooks Macdonald said it continues to seek acquisition opportunities, including a prospective acquisition of platform technology provider Hubwise.

Andrew Shepherd, CEO of Brooks Macdonald, said: "Although the short-term macroeconomic outlook is highly uncertain, looking ahead we remain confident in our long-term prospects building on our ambitious organic and inorganic growth strategy, grounded in our purpose of realising ambitions and securing futures."

Mr Shepherd became CEO of Brooks Macdonald in July, following the departure of former CEO Caroline Connellan to abrdn.