LONDON (ShareCast) - (ShareCast News) - Despite challenging markets towards the end of the year, wealth management group Brooks Macdonald traded in line with expectations in the year ended 30 June 2015.
Full-year discretionary funds under management increased to £7.41bn from £6.55bn in the year before.

However, these funds fell 0.75% during the fourth quarter to £56m due to "unhelpful" markets during the period.

Meanwhile, the group moved its London head office in May to new West End premisis, which is expected to help its business to expand.

Chief executive Chris Macdonald said: "We have had another year of growth in our funds under management, which are up 13% on last year and have now reached £7.41bn.

"This has been achieved by a combination of organic growth and good investment performance."

Shore Capital analysts said: "Brooks Macdonald is demonstrating the best progress in generating organic flow growth within our DFM coverage and we see this well-managed group as core."

The broker gave a 'buy' recommendation and 1742p target price.

As a result, shares rose 2.15% to 1780p on Friday at 14:30.

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