Brooks Macdonald sees 'pleasing results' from international business

clock • 1 min read
Brooks Macdonald sees 'pleasing results' from international business

Brooks Macdonald has reported its group funds under management for the three months till the end of December were up 3.1% compared to the previous quarter, giving a total of £17.3bn FUM. 

The half year trading update on 13 January also highlighted "pleasing" results from the international business, which returned to positive flows in the year with £12m in organic net new business, following a challenging first quarter which saw £14m of outflows.

Andrew Shepherd (pictured), CEO of Brooks Macdonald, said: "This has been a strong half for Brooks Macdonald, reflective of the momentum we see across the group. It is especially pleasing to see our international business return to positive net flow. with our new Isle of Man office also coming on stream to support future growth."

It is especially pleasing to see our international business return to positive net flow. with our new Isle of Man office also coming on stream to support future growth."

In the three months, which represent the second quarter of the group's financial calendar, the group said its outflows were declining in funds at £21m. This followed a difficult first quarter where there was £26m of outflows.

Meanwhile, net flows for its discretionary business increased by £200m in the three months to end of December.

This contributed to overall positive net flows at the group level with annualised net flows of 4.7% for the quarter, up from 3.1% for Q1.

The group said it had "maintained a relatively stable asset allocation" which meant that it had "lower than expected transaction-related revenues" for the first half of the year.

Shepherd added: "We have a growing pipeline of new business, our highly talented people are continuing to work hard to improve and develop our service to clients and intermediaries, and we are in a strong position to take advantage of the great opportunities ahead for Brooks Macdonald."