Brooks Macdonald has reported that funds under management (FUM) during the quarter ended 31 March 2022, fell by 3.9%, despite continued positive net flows of £200 million.
The firm said the positive net flows had been offset by weaker global markets, in which existing “macroeconomic difficulties” had been worsened by the economic consequences of the war in Ukraine.
FUM finished the quarter at £16.7 billion, down from £17.3 billion at 31 December 2021, but 1.2% ahead of the group’s total of £16.5 billion at the beginning of the financial year on 30 June 2021.
Brooks Macdonald also reported positive bespoke portfolio service (BPS) and managed portfolio service (MPS) flows contributed to the quarter’s positive net flows of £200 million.
Its MPS generated strong flows, with Platform MPS and BMIS delivering combined annualised net flows of 39% for the quarter.
The company reported that its overall pipeline “remains healthy”, though current market conditions would affect the near-term conversion rates and said its underlying business performance remains in line with guidance.
Andrew Shepherd, CEO of Brooks Macdonald, said: “This has been a solid quarter for Brooks Macdonald, despite the volatile market backdrop driven by the war in Ukraine, with continuing positive net flows providing further evidence of the success of our strategy.
“As ever, this is primarily down to the commitment and high quality delivery of our people, who give me great confidence in the group’s continued success.”
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