Aim-listed Brooks Macdonald has reported net new discretionary business rose by 33 per cent in the year to June, sending its funds under management nearly £1bn higher.
Net new discretionary business for the year to June was £863m, up from £645m a year earlier, boost by second quarter sales of £233m, according to a trading update.
The company reported discretionary funds under management totalled £8.3bn at 30 June, up by almost a billions pounds from £7.4bn the same time a year ago.
Brooks Macdonald pointed out the 12 per cent increase compared to a rise in the WMA Balanced index of 4.5 per cent.
Over the last quarter, discretionary funds under managment rose by 3.7 per cent to £298m, compared to the WMA Balanced index which increased by 3.43 per cent over the quarter.
The group’s property management business, Braemar Estates, had property assets under administration of £1.10bn at the year to June, versus £1.14bn a year ago, a decrease of 0.32 per cent or £37m.
In the update the company stated it is continuing to invest in technology and distribution.
Britain’s decision to leave the European Union in the June referendum negatively affected client sentiment, the statement read, and plans to launch two new funds in the second quarter of the year were put on hold as a result.
Chris Macdonald, chief executive of Brooks Macdonald, said: “Against a backdrop of highly volatile market conditions, added to by the recent Brexit vote, we have made good progress over the year.
“Discretionary funds are up nearly 12 per cent, the majority of which was organic growth as we continued to attract new client funds through our strong intermediary relationships.
“In our 25th year I am delighted that discretionary funds under management now exceed £8.3bn and we look forward to making further progress over the new financial year.”