U.K.-based asset manager Brooks Macdonald Group Plc said March 13 that its board declared an interim dividend of 17 pence per share for the six months ended Dec. 31, 2017, a 13.3% increase from the 15 pence per share interim dividend for the prior-year period.
The dividend will be paid April 24 to shareholders on the register March 23.
For the six months, the company reported unaudited consolidated profit attributable to equity holders of £16,000, compared to a restated £6.6 million in the same period in 2016.
Statutory profit before tax dropped year over year to £600,000 from £8.1 million, with Brooks Macdonald attributing the fall to a £5.5 million increase in the provision for resolving legacy matters arising from the Spearpoint business it acquired in 2012, as well as a £1.0 million increase in the fair value of deferred consideration payable to the vendors of its Levitas business, driven by strong net inflows for the period.
Meanwhile, Brooks Macdonald said former CEO Chris Macdonald will step down from its board March 31 to focus on other business interests, although he will continue to work with the company as an adviser.
Brooks Macdonald also appointed Priti Verma and Adrian Keane-Munday group chief risk officer and managing director of financial planning, respectively.
Verma, who was most recently chief risk officer at Smith & Williamson, will join Brooks Macdonald in the summer of 2018. Keane-Munday was most recently head of premier and wealth distribution for the U.K. at HSBC Holdings Plc.
Verma's and Keane-Munday's appointments are subject to regulatory approval.
