Brooks Macdonald outflows slow as FUM increased in Q4
Net outflows fall to £100m; FUM up by 12%
Brooks Macdonald stemmed net outflows to £64m in its fourth quarter to 30 June, as the investment manager confirmed it was on track to meet its full-year expectations.
Brooks said funds under management (FUM) rose 12% to £13.7bn, up from £12.2bn at end March, due to strong investment performance and higher gross inflows, leading to reduced net outflows.
The firm added it had success in "executing its strategy and ongoing cost discipline", leaving it on track to meet full-year guidance given in March.
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CEO Caroline Connellan hailed the improved net flows in Brooks' core UK discretionary business, and its continued reinvigoration of its international business, which will benefit from the June acquisition of Lloyds Bank International's Channel Islands wealth management and funds business. The deal will add around £1bn to FUM when completed in the next quarter.
"I am impressed by, and grateful for, our people's response to the current challenges," said Connellan.
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"They have adapted seamlessly to the remote working environment of the Covid-19 lockdown, while further reinforcing the strong relationships we have with advisers and clients.
"Overall the year has been one of significant progress, despite macroeconomic and political uncertainty in the first half of the year and Covid-19 related market volatility and economic concerns in the second.
"We have delivered strong commercial results and are on track to meet profit expectations. We have made significant steps forward in achieving our growth ambitions, including two high-quality acquisitions, while also continuing to take the necessary actions to set the business up for further success."
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