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
Opening discretionary FUM (Dec 15)
Net new discretionary business
Total FUM growth
Closing FUM (March 2016)
Organic growth (net of markets)
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.