Brooks Macdonald Group plc (AIM:BRK) has announced a strategic review of its international business after a substantial charge sent group profits sliding. Brooks Macdonald is considering the future of its Jersey-based international arm after taking a £11.6 million hit on the value of the business. The discretionary fund manager (DFM) said the value of goodwill from its acquisition of Spearpoint in 2012 fell from £21.2 million to £9.6 million by the end of 2023 in half-year results published this morning.

This has prompted a review of the business. ?Because the performance of the international business hasn?t been going to plan and at the pace of the UK business, this has reduced the value of the business we bought,? Brooks Macdonald Chief Executive Officer Andrew Shepherd told Citywire.

When asked about whether a strategic review means closing the business, Shepherd said that the review will be looking at all options.