- Wealth manager Brooks Macdonald reported that annual profit rose by more than a quarter on higher margins and increased funds under management.

For the year ended 30 June 2020, pre-tax profit rose 26.6% to £10m on-year as revenue increased 2.7% to a record £108.6m.

Underlying profit margin was up from 19.6% to 21.2%.

Year-end FUM of £13.7bn, up from 4.1% on last year, while investment performance improved 1%, well ahead of the MSCI PIMFA Private Investor Balanced Index, which declined by 3.5% over the same period, the company said.

The dividend increased by 3.9% to 53.0p.

'The short-term outlook is uncertain, driven by both the progress of the pandemic and events surrounding Brexit. Nonetheless, the fundamental opportunity for Brooks Macdonald remains strong, we are uniquely positioned in the market and confident about what the future holds,' the company said.

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