(Alliance News) - Brooks Macdonald Group PLC on Thursday said it had a "positive" fourth quarter, and expects its full-year results to be in line with market expectations.
Brooks ended June 30 with funds under management at a record of GBP16.46 billion, up from GBP15.64 billion at March 31, and up 20% from GBP13.69 billion at the start of the financial year in June last year.
Over the quarter, discretionary funds rose to GBP11.87 billion from GBP11.15 billion.
"The increase in the quarter was driven by both strong investment performance, adding GBP700 million, and a return to positive net flows, GBP100 million, as per previous guidance. Every month in the quarter had positive net flows at group level, with June having the strongest monthly figure, underscoring the growing momentum behind the business and its strategy," the asset manager explained.
Brooks noted a chunk of the growth over the full year can be attributed to the Channel Islands wealth management assets acquired from Lloyds Banking Group PLC in November of GBP900 million, while the rest came from a positive investment performance of GBP2.2 billion. This was partially offset by net outflows over the 12 months of GBP275 million.
Overall investment performance for the financial year to June was 15.8%, ahead of the MSCI PIMFA Private Investor Balanced Index which rose by 12.9% over the same period.
Chief Executive Designate Andrew Shepherd said: "I'm pleased to see Brooks Macdonald returning to positive net flows and I'm hugely excited by the opportunity before us.
"We move ahead with confidence because of the talent and commitment of the people who work here. I'm deeply impressed by how everyone has pulled together to deliver strong results during an especially challenging time. We maintained high quality service to our clients and intermediaries and delivered robust investment performance, well ahead of the relevant index over the year. We have a great team in place and an exciting future ahead."
Shares in Brooks Macdonald were untraded in London on Thursday, but last closed at 2,300.00 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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Brooks Macdonald (BRK)