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Brooks Macdonald Group PLC on Thursday said its funds under management at the end of its fourth quarter were up from the previous quarter, while it expects annual results to be in line with market expectations. The AIM-listed wealth manager said closing fourth quarter funds under management on June 30 were £16.85 billion, ticking up from £16.79 billion on March 31 at the end of its third quarter. This was driven by fourth-quarter net flows of positive £100 million, offsetting a decline in its markets. For the full financial year, Brooks Macdonald said it achieved positive net flows of £800 million, or 5.2%, in line with guidance and ahead of the 4.8% rate achieved a year earlier. Investment performance contributed £400 million, Brooks Macdonald said, leading to overall growth in its closing funds under management of 7.5%, from £15.67 billion a year earlier. Brooks Macdonald said trading performance in the second half was ‘solid’ and anticipates its full-year results to be in line with current market expectations. Looking ahead, Brooks Macdonald’s pipeline is heathy, the company said, but it expects to see investor sentiment remaining subdued while markets ‘continue to be uncertain’ in the near term. It argued prevailing market conditions and higher interest rates continue to affect investor sentiment with increased trends towards higher cash holdings, debt repayment and investment in money market funds in the short term. ‘I am pleased to report another quarter of positive net flows, particularly within our Platform MPS offering, with annualised net flows of 38% in the quarter. Against a backdrop of volatile markets and interest rate rises, our net flows remained positive throughout the year,’ said Chief Executive Officer Andrew Shepherd. ‘We continue to make steady and encouraging progress against our strategy, led by strong organic growth driven by the value clients place on high quality financial advice. This growth exemplifies the resilience of our organisation and our collective drive to deliver long term sustainable results through the execution of our strategy, underpinned by the unrelenting commitment of our people to our clients and intermediaries.’ Brooks Macdonald expects to release its annual results on September 14. Shares in Brooks Macdonald were down 1.0% to 2,218.80 pence each in London on Thursday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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