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Brooks Macdonald reports record funds under management on strong investment performance
StockMarketWire.com
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Wealth manager Brooks Macdonald reported record annual funds under management driven by lower net outflows and increased investment performance.
For the six months ended 31 December 2020, Funds under management reached a record level of £15.5 billion, u 13.3% from £13.1 billion in 2019.
Investment performance of 9.5%, bettered the increase of 6.5% in the MSCI PIMFA Private Investor Balanced Index, the company said.
Net outflows fell to £367 million from £506 million a year earlier, with Q2 stronger than Q1.
Underlying pre-tax profit was up 21.7% to £14.0 million year-on-year as revenue increased by 1.8% to £55.9 million.
The interim dividend was raised by 9.5% to 23.0p a share.
'Underlying momentum in international is boosted by the Lloyds Channel Islands acquisition, however net flows in H2, excluding the acquisition, are expected to be negative due to the loss of a lower yielding institutional mandate,' the company said.
At 9:19am: (LON:BRK) Brooks Macdonald Group PLC share price was 0p at 1650p
Story provided by StockMarketWire.com
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