Last checked at 13 Apr 2023 07:00
13 April 2023
BROOKS MACDONALD GROUP PLC
Quarterly Announcement of Funds under Management
"Eighth successive quarter of positive net flows"
Brooks Macdonald Group plc ("Brooks Macdonald" or the "Group") today publishes an update on Funds under Management ("FUM") for its third quarter ended 31 March 2023.
Net flows remained positive at £0.4 billion for the quarter and investment performance continued to be positive despite volatile markets. These combined to give an increase of 3.5% in total FUM in the quarter, ending the period at £16.8 billion (31 December 2022: £16.2 billion). This is 7.2% ahead of the Group total at the beginning of the financial year (30 June 2022: £15.7 billion).
· Group net flows remained positive at £0.4 billion, equivalent to an annualised level of 9.2% for the quarter. The corresponding annualised figure for the nine months to 31 March was 6.1%, in line with full year guidance given at the interim results
· The strong net flows were driven by Platform MPS and, within that, the Group's B2B offering BM Investment Solutions ("BMIS") which broke £1bn FUM for the first time
· The overall pipeline remains healthy although, as previously guided, market conditions are continuing to affect conversion times
· Underlying business performance remains in line with the Group's recent guidance, subject to further market movements.
Andrew Shepherd, CEO of Brooks Macdonald commented:
"I am delighted to report another strong quarter for Brooks Macdonald, despite market conditions, with net flows reaching a level last seen five years ago, demonstrating the ongoing success of our strategy in action. I am grateful to our clients, our network of intermediaries, and in particular our people, whose commitment and focus on our clients make these results possible."
Analysis of fund flows by service over the period
Quarter to 31 March 2023 (£m) | |||||||
| Opening FUM 1 Jan 23 | Organic net new business | Investment performance in the period | Closing FUM 31 Mar 23 | Organic net new business | Total mvmt |
|
BPS | 8,559 | (43) | 117 | 8,633 | (0.5)% | 0.9% |
|
MPS Custody | 975 | (7) | 14 | 982 | (0.7)% | 0.7% |
|
MPS Platform | 2,632 | 505 | 41 | 3,178 | 19.2% | 20.7% |
|
MPS total | 3,607 | 498 | 55 | 4,160 | 13.8% | 15.3% |
|
UKIM discretionary | 12,166 | 455 | 172 | 12,793 | 3.7% | 5.2% |
|
Funds - DCF | 404 | (20) | (7) | 377 | (5.0)% | (6.7)% |
|
Funds - Other | 1,409 | (14) | 23 | 1,418 | (1.0)% | 0.6% |
|
Funds total | 1,813 | (34) | 16 | 1,795 | (1.9)% | (1.0)% |
|
UKIM total | 13,979 | 421 | 188 | 14,588 | 3.0% | 4.4% |
|
International | 2,247 | (48) | 7 | 2,206 | (2.1)% | (1.8)% |
|
Total | 16,226 | 373 | 195 | 16,794 | 2.3% | 3.5% |
|
| |||||||
Total investment performance | 1.2% | ||||||
MSCI PIMFA Private Investor Balanced Index1 | 2.4% | ||||||
Nine months to 31 March 2023 (£m) | |||||||||
| Opening FUM | Organic net new business
| Total Inv. Perf. | Closing FUM
| Organic net new business | Total mvmt | |||
| 1 Jul 22 | Q1 | Q2 | Q3 | Total | YTD | 31 Mar 23 |
|
|
BPS | 8,581 | (6) | (82) | (43) | (131) | 183 | 8,633 | (1.5)% | 0.6% |
MPS Custody | 960 | (3) | 2 | (7) | (8) | 30 | 982 | (0.8)% | 2.3% |
MPS Platform | 2,053 | 243 | 297 | 505 | 1,045 | 80 | 3,178 | 50.9% | 54.8% |
MPS total | 3,013 | 240 | 299 | 498 | 1,037 | 110 | 4,160 | 34.4% | 38.0% |
UKIM discretionary | 11,594 | 234 | 217 | 455 | 906 | 293 | 12,793 | 7.8% | 10.3% |
Funds - DCF | 439 | (14) | (17) | (20) | (51) | (11) | 377 | (11.6)% | (14.1)% |
Funds - Other | 1,418 | (20) | (24) | (14) | (58) | 58 | 1,418 | (4.1)% | -% |
Funds total | 1,857 | (34) | (41) | (34) | (109) | 47 | 1,795 | (5.9)% | (3.3)% |
UKIM total | 13,451 | 200 | 176 | 421 | 797 | 340 | 14,588 | 5.9% | 8.5% |
International | 2,216 | (9) | (20) | (48) | (77) | 67 | 2,206 | (3.5)% | (0.5)% |
Total | 15,667 | 191 | 156 | 373 | 720 | 407 | 16,794 | 4.6% | 7.2% |
| |||||||||
Total investment performance | 2.6% | ||||||||
MSCI PIMFA Private Investor Balanced Index1 | 2.2% | ||||||||
1Capital-only index.
Enquiries to:
Brooks Macdonald Group plc Andrew Shepherd, CEO
| www.brooksmacdonald.com 020 7927 4816 |
Peel Hunt LLP (Nominated Adviser and Broker) Paul Shackleton / Andrew Buchanan / John Welch
| 020 7418 8900 |
FTI Consulting Edward Berry / Laura Ewart / Katherine Bell
| brooksmacdonald@fticonsulting.com 07703 330199 /07711 387085 / 07976 870961 |
Notes to editors
Brooks Macdonald Group plc, through its various subsidiaries, provides leading investment management services in the UK and internationally. The Group, which was founded in 1991 and began trading on AIM in 2005, had discretionary Funds under Management of £16.8 billion as at 31 March 2023.
Brooks Macdonald offers a range of investment management services to private high net worth individuals, pension funds, institutions, charities and trusts. The Group also provides financial planning as well as international investment management, and acts as fund manager to a range of onshore and international funds.
The Group has fifteen offices across the UK and Crown Dependencies including London, Birmingham, Cheltenham, East Anglia, Exeter, Leeds, Manchester, Nuneaton, Southampton, Tunbridge Wells, Scotland, Wales, Jersey, Guernsey and Isle of Man.
LEI: 213800WRDF8LB8MIEX37
www.brooksmacdonald.com / @BrooksMacdonald