Share Name Share Symbol Market Type Share ISIN Share Description
Brooks Macdonald Group Plc LSE:BRK London Ordinary Share GB00B067N833 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  5.00 0.22% 2,325.00 2,300.00 2,350.00 2,300.00 2,300.00 2,300.00 6,432 16:35:14
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 108.6 10.1 43.2 53.8 387

Brooks Macdonald Group PLC Brooks Macdonald welcomes statement by the JFSC

23/10/2020 9:00am

UK Regulatory (RNS & others)

Brooks Macdonald (LSE:BRK)
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RNS Number : 9797C

Brooks Macdonald Group PLC

23 October 2020

23 October 2020


Brooks Macdonald Group plc welcomes statement by the JFSC

The Jersey Branch of Brooks Macdonald Asset Management (International) Limited ("International"), a subsidiary of Brooks Macdonald Group plc ("Brooks Macdonald" or "the Group"), and the Group, welcome today's announcement by the Jersey Financial Services Commission ("JFSC", "Commission") of the resolution of an investigation by the JFSC into International's compliance with the Code of Practice for Investment Business ("the IB Code") in relation to certain historic investments . The scope and period of the investigation can be found in the JFSC's public statement.

The Group announced in July 2017 its decision to deal proactively with certain legacy matters arising from the former Spearpoint business which it acquired in 2012. These matters related to both a number of portfolios managed formerly by Spearpoint, then by International's Jersey Branch, and a Dublin-based fund, for which Spearpoint acted as investment manager. While the Group accepts no legal liability in these matters, Brooks Macdonald is committed to treating customers fairly and seeking to protect its clients' best interests.

The Group developed a plan to resolve these matters and accordingly made a total provision of GBP12.0 million in the financial results for the years to 30 June 2017 and 30 June 2018. As at 30 June 2020, the remaining balance of the provision was GBP0.6 million. The Group is not making a further provision in relation to these matters and it intends to deal with any residual issues as part of business as usual. The Group has continued to be in discussions with all stakeholders, including relevant regulators, as it seeks to bring these matters to a conclusion.

A public statement has been published on the JFSC's website today which states that the Commission found certain breaches of the IB Code, and that the JFSC has concluded its investigation. The statement also acknowledges that International has engaged openly and co-operatively with the JFSC in respect of the investigation.

Having fully acknowledged that these breaches occurred, the Group and International are pleased to have resolved these discussions with the Commission.

Caroline Connellan, CEO of Brooks Macdonald Group plc commented:

"I am pleased the JFSC's investigation has concluded and that both our co-operation and the significant investment and improvement we have made in our risk management and operational framework have been recognised. Since we first announced our response to the legacy issues in July 2017, we have sought to deal proactively with these matters in a way that reflects our deep commitment to treating customers fairly. Today's announcement supports the continued reinvigoration of our International business under the leadership of Andrew Shepherd."

Enquiries to:

 Brooks Macdonald Group plc                  
  Caroline Connellan, CEO                                       020 7659 3492 
  Ben Thorpe, Group Finance Director 
 Brooks Macdonald Asset Management (International) 
  Andrew Shepherd, CEO                                           01534 715589 
 Peel Hunt LLP (Nominated Adviser and Broker) 
  Adrian Trimmings / Rishi Shah / John Welch                    020 7418 8900 
 MHP Communications 
  Reg Hoare / Simon Hockridge / Charlie Barker                  020 3128 8540 

Notes to editors

Brooks Macdonald Group plc, through its various subsidiaries, provides leading investment management services in the UK and internationally. The Group, which was founded in 1991 and began trading on AIM in 2005, had discretionary Funds under Management of GBP13.7 billion as at 30 September 2020.

Brooks Macdonald offers a range of investment management services to private high net worth individuals, pension funds, institutions, charities and trusts. The Group also provides financial planning as well as offshore investment management and acts as fund manager to two regulated OEICs (the IFSL Brooks Macdonald Fund and the SVS Cornelian Investment Funds) providing a range of risk-managed multi-asset funds and a specialised absolute return fund.

The Group has twelve offices across the UK and the Channel Islands including London, East Anglia, Hampshire, Leamington Spa, Leeds, Manchester, Taunton, Tunbridge Wells, Scotland, Wales, Jersey and Guernsey.


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October 23, 2020 04:00 ET (08:00 GMT)

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