Brooks Macdonald has reported a slight uptick in funds under management for the first quarter of 2024, as positive market performance more than offset net outflows.
In a trading update today (17 April), the asset manager said its FUM rose by 2% to £17.9bn in the quarter, as it benefited from market gains worth £642m. Gross inflows during the period were £533m, but gross outflows reached £828m, leading to an overall £294m net outflow. The Bespoke Portfolio Service business took the biggest hit with £205m net outflows, which the firm attributed to clients withdrawing funds to repay debt or hold higher cash balances in the current interest rate environment. Brooks Macdonald and IG Group scale back staff to cut costs Brooks Macdonald's UK inv...
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