Brooks Macdonald reports 6% profits boost despite losses in funds arm

In the half yearly report, the group said underlying pre-tax profits were up 6% to £7.1m, compared to £6.7m for the same period in 2014, while revenues rose to £38.7m from £37.5m. The group's discretionary funds under management climbed to £7.8bn by 31 December 2015 from £7.4bn at the end of June 2015. However, the group's funds arm incurred a loss for the half year "as a result of costs and charges incurred in two specialist funds which have not achieved critical mass" even though there was appeal for the firm's multi-asset range. In Q1 last year, the firm said it expected its fun...