Brooks Macdonald Group today highlighted its ‘at pace’ strategy as it published a trading update and its quarterly announcement of Funds under Management for the first quarter of its financial year ending 30 June 2025.
Andrea Montague (pictured), CEO of Brooks Macdonald said: “Our business has shown resilience through improved client retention across all our UK propositions.
“The considerable speculation around the upcoming Budget and rumoured changes to taxation and reliefs has clearly had an impact on investor confidence with lower gross inflows in the quarter.
“Our recently announced acquisitions of LIFT and Lucas Fettes demonstrate the pace at which we are delivering on our strategy, to reignite growth focusing on client service, reach, scale, and efficiency. I remain confident about unlocking the full potential of Brooks Macdonald.”
During the first quarter of the financial year, the group saw net outflows of £0.1bn (Q4 FY24: £0.1bn), representing 0.7% of Funds under Management, as uncertainty around the Budget led to a reduction in gross inflows, down 6.0% quarter on quarter.
MPS Platform, including the Group’s B2B offering for financial advisers, BM Investment Solutions, grew to £4.6bn (30 June 2024: £4.4bn) with annualised organic net new business in the quarter of 13.0% of opening FUM.
Encouragingly, it said, gross outflows were down 5.1% quarter on quarter, marking their second sequential reduction.
The net outflows were offset by positive investment performance in the quarter resulting in the Group’s closing FUM increasing to £17.9bn (30 June 2024: £17.8bn).
