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Brooks Macdonald funds under management rises 12.3%
StockMarketWire.com
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Brooks Macdonald Group said total discretionary funds under management rose 12.3% to £11.7bn for the six-month period through 31 December 2017.
'As at 31 December 2017, discretionary funds under management (FUM) totalled £11.7 billion,' Brooks Macdonald said in its trading update. This represents a rise of 6.8% over the quarter - 30 September 2017 FUM was £11bn - and a 12.3% FUM rise on an annual basis.
Brooks Macdonald said the rise in funds under management was supported by 'a combination of performance (£319m) and net new business (£431m) over the quarter, compared to £474m from performance and £808m from net new business for the half year.'
The revenue impact of higher FUM over the period, however, was offset, partly by lower yields due to continued movements in product mix, the competitive environment including the ongoing shift toward all-in fees, and reduced transactional income against a background of lower market volatility.
'Our focus on our client and adviser relationships has supported strong net new business which, combined with good portfolio performance, has resulted in substantial FUM growth across all areas of our business,' said Caroline Connellan, Chief Executive of Brooks Macdonald.
The company also said that it would continue to exercise cost discipline, and anticipates outcome for the financial year would remain in line with management's expectations.
'Our strong FUM trajectory, combined with a disciplined approach to costs, means we are well placed to mitigate external pressures on revenue yield,' Connellan said.
At 9:13am: (LON:BRK) Brooks Macdonald Group PLC share price was -10p at 1975p
Story provided by StockMarketWire.com
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