Brooks Macdonald Group’s discretionary funds under management broke the £8bn mark at the end of last month, climbing 2.37 per cent from £7.82bn at the end of December.
The figure represents all the discretionary funds managed by the group across asset management, funds and international, with this growth put down to a combination of performance (minus £56m) and net new business (£241m).
The group’s property management business, Braemar Estates, had property assets under administration of £1.13bn, up from £1.12bn at the end of last year.
In terms of third party assets under administration, these are now in excess of £260m, up from £245m at 31 December 2015.
Analysis of discretionary fund flows over the quarter | £m |
Opening discretionary FUM (Dec 15) | 7,822 |
Net new discretionary business | 241 |
Acquisitions | 0 |
Investment growth | (56) |
Total FUM growth | 185 |
Closing FUM (March 2016) | 8,007 |
Organic growth (net of markets) | 3.08% |
Total growth | 2.37% |
Chief executive Chris Macdonald explained after good progress in the first half of last year “we have had a satisfactory third quarter”, growing discretionary funds under management to more than £8bn for the first time in the firm’s history.
“Net organic growth remained strong at over 3 per cent for the quarter, although our underweight positions in resources and UK fixed income caused client portfolios to lag the benchmark after a sustained period of outperformance.”
The group recently rebranded, to better define that its six underlying businesses are part of the same group.