Brooks Macdonald : announces removal of VAT from its MPS...

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Brooks Macdonald announces removal of VAT from its MPS offering

07 January 2021

London, 7 January 2021-Brooks Macdonald, a leading investment manager with £13.7 billion in funds under management, has announced today that it will stop applying VAT on the group's Managed Portfolio Service (MPS), effective from 1 January 2021. This will apply to Brooks Macdonald's custody MPS and those held on third party platforms (platform MPS).

The change means that Brooks Macdonald can now offer its IFA partners and their clients high-quality investment management services at an even more competitive price regardless of the platform.

A spokesperson said: 'Following guidance from HRMC, we are delighted to be able to remove VAT from our MPS and are working with our platform partners to remove it at the earliest opportunity.'

In September, Brooks Macdonald announced record revenues of £108.6 million for the year to 30 June 2020, along with funds under management of £13.7 billion. In October, Brooks Macdonald announced a strategic partnership with SS&C Technologies, a global provider of software and technology services to the financial services industry. This partnership is the next step in delivering Brooks Macdonald's vision as the leading investment manager for intermediaries, providing best-in-class adviser experience and client service through technology and innovation. The collaboration will provide a market-leading digital experience for Brooks Macdonald's intermediaries and clients.

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Enquiries

MHP Communications

Reg Hoare / Simon Hockridge / Charlie Barker

020 3128 8540

Notes to editors

Background on MPS portfolio

• Brooks Macdonald's MPS portfolios are managed by a dedicated team of experienced investment managers, in line with the group's centralised investment process.
• MPS portfolios can be held within a variety of tax wrappers and income withdrawals can be made monthly, quarterly or annually.
• Brooks Macdonald's MPS is only available to clients through professional advisers authorised to give financial advice.

Landmark strategic partnership with SS&C announced in October

• The collaboration will provide a market-leading digital experience for Brooks Macdonald's intermediaries and clients, building on the strength of our current relationships, including automated onboarding, full adviser and client portal functionality, bespoke reporting, as well as improved processing of applications and client and adviser requests.

About Brooks Macdonald

Brooks Macdonald Group plc, through its various subsidiaries, provides leading investment management services in the U.K. and internationally. The Group, which was founded in 1991 and began trading on AIM in 2005, had Discretionary Funds under Management of £13.7 billion as at 30 September 2020.

Brooks Macdonaldoffers 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 four regulated OEICs 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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