TIDMBRK
RNS Number : 8448P
Brooks Macdonald Group PLC
12 October 2023
12 October 2023
BROOKS MACDONALD GROUP PLC
Quarterly Announcement of Funds under Management
"Q1 net flows in line with guidance and FUM up slightly at
GBP16.9bn"
Brooks Macdonald Group plc ("Brooks Macdonald" or "the Group")
today publishes an update on its Funds under Management ("FUM") for
the first quarter of its financial year, the three months ended 30
September 2023.
During the first quarter of the financial year, the prevailing
backdrop of market volatility and high interest rates continued to
affect client behaviour, resulting in short term pressure on flows.
The Group recorded marginal net outflows of GBP70 million or 0.4%,
in line with guidance. Gross inflows were level with the same
period last year, but outflows were higher. This was driven in
particular by net outflows of 4.6% in our UK Funds business,
consistent with trends across the broader asset management
sector.
The net outflows were offset by positive investment performance
in the quarter of 0.5% resulting in the Group's closing FUM
increasing slightly to GBP16.9 billion (30 June 2023: GBP16.8
billion).
Highlights for the quarter included:
-- UKIM discretionary FUM increased by 0.6% over the quarter,
with positive net flows driven by MPS Platform, which saw an
annualised net flow rate of 16.9%.
-- Positive investment performance for the quarter resulted in
an FUM increase of GBP0.1 billion or 0.5%, in line with the MSCI
PIMFA Private Investor Balanced Index which increased by 0.6% in
the period.
The pipeline for FY24 remains robust with continuing strong
gross inflows, and positive net flows expected for the full
year.
Andrew Shepherd, CEO of Brooks Macdonald commented:
"I am pleased that inflows continue to be robust, and that our
core UKIM discretionary business delivered positive net flows,
reflecting continuing demand for our products and services. At the
overall Group level we saw net outflows, driven by the volatile
macroeconomic backdrop and continuing high interest rates, which
are leading clients to move towards higher cash holdings, debt
repayment and investment in money market funds .
"Our people continue to engage closely with our clients and
introducers to help guide them through these difficult markets. In
our view, the need for high quality financial advice and robust
long-term investment management is now greater than ever. Given
that, combined with the supportive demographic trends and the
quality and commitment of our people, we remain confident in the
Group's ability to deliver our ambitious growth strategy."
Analysis of fund flows by service over the quarter
Quarter to 30 September 2023 (GBPm)
Opening Organic Investment Closing Organic Total
FUM net new performance FUM net new mvmt
1 Jul 23 business in the period 30 Sep business
23
---------- ---------- --------------- -------- ---------- -------
BPS 8,527 (98) 15 8,444 (1.1)% (1.0)%
---------- ---------- --------------- -------- ---------- -------
MPS Custody 966 (14) 5 957 (1.4)% (0.9)%
---------- ---------- --------------- -------- ---------- -------
MPS Platform 3,489 147 26 3,662 4.2% 5.0%
---------- ---------- --------------- -------- ---------- -------
MPS total 4,455 133 31 4,619 3.0% 3.7%
---------- ---------- --------------- -------- ---------- -------
UKIM discretionary 12,982 35 46 13,063 0.3% 0.6%
---------- ---------- --------------- -------- ---------- -------
Funds - DCF 338 (26) 5 317 (7.7)% (6.2)%
---------- ---------- --------------- -------- ---------- -------
Funds - Other 1,370 (52) 6 1,324 (3.8)% (3.4)%
---------- ---------- --------------- -------- ---------- -------
Funds total 1,708 (78) 11 1,641 (4.6)% (3.9)%
---------- ---------- --------------- -------- ---------- -------
UKIM total 14,690 (43) 57 14,704 (0.3)% 0.1%
---------- ---------- --------------- -------- ---------- -------
International 2,157 (27) 22 2,152 (1.3)% (0.2)%
---------- ---------- --------------- -------- ---------- -------
Total 16,847 (70) 79 16,856 (0.4)% 0.1%
---------- ---------- --------------- -------- ---------- -------
Total investment performance 0.5%
----------------------------------------------------------------------- -------------------
MSCI PIMFA Private Investor Balanced Index(1) 0.6%
----------------------------------------------------------------------- -------------------
(1) Capital-only index.
Enquiries to:
Brooks Macdonald Group plc www.brooksmacdonald.com
Andrew Shepherd, CEO 020 7927 4816
Andrea Montague, Chief Financial Officer
Peel Hunt LLP (Nominated Adviser and
Broker)
Paul Shackleton / Andrew Buchanan / John
Welch 020 7418 8900
FTI Consulting brooksmacdonald@fticonsulting.com
Edward Berry / Katherine Bell 07703 330199 / 07976
870961
Notes to editors
Brooks Macdonald Group plc, through its various subsidiaries,
provides leading wealth management services in the UK and
internationally. The Group, which was founded in 1991 and began
trading on AIM in 2005, had discretionary Funds under Management of
GBP16.9 billion as at 30 September 2023.
Brooks Macdonald offers a range of investment management
services to private high net worth individuals, pension funds,
institutions, charities and trusts. The Group also provides
financial planning as well as international investment management,
and acts as fund manager to a range of onshore and international
funds.
The Group has fifteen offices across the UK and Crown
Dependencies including London, Birmingham, Cheltenham, East Anglia,
Exeter, Leeds, Manchester, Nuneaton, Southampton, Tunbridge Wells,
Scotland, Wales, Jersey, Guernsey and Isle of Man.
LEI: 213800WRDF8LB8MIEX37
www.brooksmacdonald.com / @BrooksMacdonald
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