Launch of New Funds Business

RNS Number : 6281J

Brooks Macdonald Group PLC

04 July 2011

 



BROOKS MACDONALD GROUP PLC

LAUNCH OF NEW FUNDS BUSINESS

Brooks Macdonald Group plc (the "Group"), the AIM listed integrated wealth management group, today announces the launch of its new funds business, initially comprising seven funds, as outlined in its interim results in March.  

The launch of Brooks Macdonald Funds Limited ("BMF"), following approval from the Financial Services Authority, will bring together the seven funds from across the wider Brooks Macdonald Group, which comprise three fund of funds and four specialist offerings. As of the launch, funds under management across the seven funds are approximately £100 million.

BMF will be fully dedicated to the management of these funds and will draw upon the long-established investment and fund management expertise of the wider Group as well as its administration, marketing and operational support.

Simon Wombwell, an executive director of the Group, will head up the new business.

Chris Macdonald, CEO of the Group, commented:

"Today's launch is a very exciting development for the Group as we widen our wealth management proposition to a broader audience."

"The new funds business strengthens our presence in the IFA marketplace building on the success of the Group's investment capabilities. We look forward to growing the existing funds and launching further new attractive fund offerings in the future."

Contact  Simon Wombwell, BMF CEO  E: [e-mail]  T: 020 7499 6424

Julie Serrage, BMF Marketing Manager E: [e-mail] T: 0161 870 3860

Notes to editors

BMF is a funds management business, which is authorised and regulated by the Financial Services Authority, and is part of BMG, an independent specialist wealth management group formed in 1991.  The formation of BMF separates BMG's private client investment management activities from its funds management activities. BMG has a strong track record of growing its assets under management; total funds under management as at 31 March 2011 stood at £2.803bn.

Simon Wombwell was a non-executive director of BMG from March 2002; he became an executive director on 7 February 2011. He was previously Head of Sales and Marketing at Scottish Widows Investment Partnership and prior to that Managing Director of Newton Fund Managers.

BMG acquired Lawrence House Fund Managers Limited in September 2009. This acquisition included an OEIC with three sub-funds.  These three sub-funds have been restructured with changes to their investment objectives and investment policies allowing for investment into a broader range of financial instruments.

BMG acquired Braemar Group plc in July 2010.  Included within this purchase were three specialist funds: Student Accommodation, Ground Rents and UK Agricultural Land, all of which are Channel Islands Stock Exchange listed OEICs.

The Structured Growth Fund is a sub-fund of the IFSL Brooks Macdonald OEIC. It is a defensive capital growth fund that holds a diverse range of senior debt, loans and preference shares, backed by high quality guarantors and investment funds. It seeks to provide steady defensive returns in the region of 6-8% year-on-year that are taxed as capital gains.

The Ground Rents Fund provides a listed, tax-efficient, ungeared and diversified exposure to Ground Rents through the acquisition of freeholds and head leases, with the potential for income generation and capital growth.

The UK Agricultural Land Fund provides a listed, tax-efficient, ungeared and diversified exposure to UK agricultural land through the acquisition of agricultural land and associated buildings for tenancy, with the potential for capital growth.

The Student Accommodation Fund provides a listed, debt geared, tax-efficient and diversified exposure to student accommodation, through the acquisition of properties suitable for student tenancy in the UK, with the potential for income generation and capital growth.

Investment Fund Services Limited ("IFSL") is Authorised Corporate Director for IFSL Brooks Macdonald Fund. Registered in England No. 06110770 and authorised and regulated by the Financial Services Authority. Registered Office: 55 Moorgate, London EC2R 6PA.

BNP Paribas Securities Services is incorporated in France with Limited Liability and is authorised and supervised by the Autorité de Contrôle Prudentiel (ACP) and by the Autorité des Marchés Financiers (AMF). BNP Paribas Securities Services London branch is authorised by and subject to limited regulation by the Financial Services Authority for the conduct of its investment business in the United Kingdom; details on the extent of its regulation by the Financial Services Authority are available on request. BNP Paribas Securities Services London Branch is also a member of the London Stock Exchange. BNP Paribas Trust Corporation UK Limited and Investment Fund Services Limited are authorised and regulated by the Financial Services Authority.

 

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