Profits slip at Brooks Macdonald despite rising assets and revenue

Profits have dropped at Brooks Macdonald despite a strong year of net inflows and rising funds under management, as tough market conditions and inflationary cost pressures bite. Although FUM grew 7.5% to £16.8bn and the firm enjoyed positive net flows in every month of the year to 30 June 2023, contributing 5.2% of the boosted assets, underlying profit before tax took a 12.2% hit and fell to £30.3m, according to its final year results published today (14 September). Both acting chair Richard Price and CEO Andrew Shepherd cited increased market volatility and "sticky inflation pressure...