Your IndustryApr 26 2017

Brooks Macdonald assets reach nearly £10bn

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Brooks Macdonald assets reach nearly £10bn

Brooks Macdonald has seen its discretionary assets under management grow to £9.9bn in the three months ending in March.

Its funds grew by 6.45 per cent, with 3.12 per cent of this coming from new business and the rest coming from investment performance.

Caroline Connellan, chief executive of Brooks Macdonald, said: “Having made reasonable progress during difficult conditions in the first half, the third quarter has showed continued momentum with further organic growth across all lines of discretionary fund management. 

“Over the quarter our net new business improved to over 3 per cent while performance for clients was positive on both relative and absolute bases.

“Whilst some concerns over client sentiment remain given the economic outlook, Brexit negotiations and upcoming elections, we are focused on maintaining the impetus during this final quarter of the year.”

Earlier this year the Aim-listed company reported a 24 per cent increase in underlying pre-tax profit, to £8.87m, while revenue increased 17 per cent to £45.34m for the six months to 31 December.

Ms Connellan became Brooks Macdonald’s chief executive earlier this month, joining from HSBC to succeed Chris Macdonald who became deputy chairman.

damian.fantato@ft.com