Wealth manager sees £600m growth in funds under management
Investment management group Brooks Macdonald has seen a near 6.5% increase in funds under management during the third quarter.
The AIM-listed company, which has an office in Leamington Spa, said while Brexit and the upcoming election might have caused uncertainty this had not transferred to the firm’s growth momentum.
It said that as of March 31, 2017 FUM totalled £9.932bn, an increase of 6.45% over the previous quarter (Q2: £9.330bn).
Of this, 3.12% (£291m) was net new business and 3.33% (£311m) investment performance.
This represents all the discretionary funds – asset management, funds and international – managed by the group.
Caroline Connellan, chief executive of Brooks Macdonald, said: “Having made reasonable progress during difficult conditions in the first half, the third quarter has showed continued momentum with further organic growth across all lines of discretionary fund management. Encouragingly, our Funds business reached £1bn during the period.
“Over the quarter our net new business improved to over 3% while performance for clients was positive on both relative and absolute bases. Whilst some concerns over client sentiment remain given the economic outlook, Brexit negotiations and upcoming elections, we are focused on maintaining the impetus during this final quarter of the year.”
