Brooks Macdonald saw its funds under management slightly decrease by 0.7 per cent, offset by a weaker investment performance.
According to the quarterly figures published by the investment manager today (27 April), idiscretionary funds other management totalled £11.66bn at the end of March, compares with £11.74bn on 31 December.
As a comparison, the MSCI WMA Private Investor Balanced index decreased by 4.5 per cent, the firm reported.
However, year-on-year, funds under management increased 18.2 per cent.
The quarterly result was driven by net new business, £343m, which was offset by investment performance, minus £422m over the period.
According to Caroline Connellan, chief executive of Brooks Macdonald, the firm maintained good momentum over the quarter, continuing the trend seen in the first half of the financial year, despite more challenging market conditions.
She said: "The strength of our client and adviser relationships has continued to deliver robust organic growth with client sentiment remaining broadly positive.
"Weaker markets have resulted in total funds under management declining slightly over the quarter.
"However, our investment performance has continued to be strong, demonstrating the value of good active management in difficult markets."
Last month, Brooks Macdonald reported a drop in its profits before tax from £8.1m to £600,000, due to the a £5.5m increase in the cost of resolving legacy matters.