Wealth manager Brooks Macdonald has reported rapid growth in profits and funds under management for the year ended 30 June as recent acquisitions helped deliver strong results.

Pre-tax underlying profits were up 33% from £23m to £30.6m.

Group Funds Under Management reached a record £16.5 billion (up 20.3% on FY20) with group group revenue up 8.8% to £118.2m following the integration of the two recently acquired businesses

Brooks recently bought Cornelian Asset Managers and Lloyds Banking Group's Channel Islands funds and wealth management business.

Investment performance for the year was up 15.8% helped by global stock market recovery.

Total dividend was up 18.9% to 63.0p (FY20: 53.0p). 

During the year Andrew Shepherd was appointed as new CEO designate.

The company says Brooks Macdonald Investment Solutions proposition saw rapid growth with a strong pipeline for 2022 and there was a near 50% increase in FUM for specialised Bespoke Portfolio Service products.

After the year end the company launched a private clients proposition to build an integrated wealth management service with specialist advice from an internal IFA team operating alongside an outsourced investment offering to third party IFAs.

Brooks said there was also progress on its digital transformation under a partnership with SS&C, a global wealth management technology and operations company. Brooks says a transition to digital onboarding of clients has been successful and it expects to see the transition of all client and intermediary-facing processes on to their platform by the end of the year.

The company says prospects look good for the coming year driven by demographic and policy trends as well as increasing adviser demand for outsourced investment management.

Andrew Shepherd, CEO designate of Brooks Macdonald, said: "I am pleased to report that, in a period dominated by the pandemic, we have not only again delivered strong financial performance, but we have also made further progress against our strategic ambitions. 

“FUM reached record levels, we increased our profit margin and delivered record revenue and underlying profit - at the same time as successfully integrating two acquisitions to increase the group's scale, service offerings, and capabilities. And all in our 30th anniversary year!

"I am excited to lead the firm at a time of great opportunity for Brooks Macdonald, based on our vision as the leading investment manager for intermediaries."