Brooks Macdonald Group PLC Brooks Macdonald welcomes statement by the JFSC (9797C)
October 23 2020 - 3:00AM
UK Regulatory
TIDMBRK
RNS Number : 9797C
Brooks Macdonald Group PLC
23 October 2020
23 October 2020
BROOKS MACDONALD GROUP PLC
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 www.brooksmacdonald.com
Caroline Connellan, CEO 020 7659 3492
Ben Thorpe, Group Finance Director
Brooks Macdonald Asset Management (International)
Ltd
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.
LEI: 213800WRDF8LB8MIEX37
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