Brooks Macdonald plans move to Main Market as inflows grow

(Alliance News) - Brooks Macdonald Group PLC said it plans to move to the London Stock Exchange Main Market by March.

The London-based wealth manager said admission to the Main Market would "further enhance the group's corporate profile, as well as extending the opportunity to own its ordinary shares to a broader group of investors".

The company said it does not intend to raise any funds or offer new shares related to the admission.

The admission is expected to occur between March 4 and March 31, at which time the company's AIM listing will be cancelled.

It also said it had the strongest quarter for gross inflows for 18 months, in the three months to the end of December.

The company said gross inflows were "robust" at GBP579 million and were offset by GBP730 million of gross outflows. Net outflows in the quarter were GBP151 million.

Total funds under management was GBP17.93 billion on December 31, up from GBP17.91 billion on September 30.

Chief Executive Officer Andrea Montague said: "While outflows remained elevated in the quarter, we are taking actions to improve asset retention as well as driving new business growth. Additionally, we continue to scale and enhance our financial planning expertise, including most recently through the acquisitions of LIFT, Lucas Fettes and CST Wealth Management."

Brooks Macdonald shares closed up 4.3% at 1,512.00 in London on Wednesday afternoon.

By Michael Hennessey, Alliance News reporter

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