Last checked at 14 Apr 2022 07:00
14 April 2022
BROOKS MACDONALD GROUP PLC
Quarterly Announcement of Funds under Management
"Continuing positive net flows of £0.2 billion for the quarter"
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 2022.
Continued positive net flows of £0.2 billion were offset by weaker global markets, where pre-existing macroeconomic difficulties were exacerbated by the economic consequences of the war in Ukraine. This led to a decrease of 3.9% in total FUM in the quarter, ending the period at £16.7 billion (31 December 2021: £17.3 billion). This is 1.2% ahead of the Group total at the beginning of the financial year (30 June 2021: £16.5 billion).
· Group net flows continued positive at £0.2 billion for the quarter, corresponding to annualised net flows of 4.1%, in line with guidance given at the interim results
· Positive BPS and MPS flows contributed to net inflows of £0.2 billion or 1.7% for UKIM Discretionary. MPS generated strong flows with Platform MPS and BMIS continuing to build momentum and delivering combined annualised net flows of 39% in the quarter
· The overall pipeline remains healthy although, as previously guided, current market conditions are expected to affect near-term conversion times
· Underlying business performance remains in line with our recent guidance, subject to further market movements.
Andrew Shepherd, CEO of Brooks Macdonald commented:
"This has been a solid quarter for Brooks Macdonald, despite the volatile market backdrop driven by the war in Ukraine, with continuing positive net flows providing further evidence of the success of our strategy. As ever, this is primarily down to the commitment and high quality delivery of our people, who give me great confidence in the Group's continued success."
Analysis of fund flows by service over the period
Quarter to 31 March 2022 (£m) | ||||||
Opening FUM 1 Jan 22 | Organic net new business | Investment performance in the period | Closing FUM 31 Mar 22 | Organic net new business | Total mvmt | |
BPS | 9,814 | 30 | (519) | 9,325 | 0.3% | (5.0)% |
MPS | 2,834 | 181 | (120) | 2,895 | 6.4% | 2.2% |
UKIM discretionary | 12,648 | 211 | (639) | 12,220 | 1.7% | (3.4)% |
Funds - DCF | 495 | (15) | 4 | 484 | (3.0)% | (2.2)% |
Funds - Other | 1,604 | (20) | (56) | 1,528 | (1.2)% | (4.7)% |
Funds total | 2,099 | (35) | (52) | 2,012 | (1.7)% | (4.1)% |
UKIM total | 14,747 | 176 | (691) | 14,232 | 1.2% | (3.5)% |
International | 2,582 | 3 | (159) | 2,426 | 0.1% | (6.0)% |
Total | 17,329 | 179 | (850) | 16,658 | 1.0% | (3.9)% |
Total investment performance | (4.9)% | |||||
MSCI PIMFA Private Investor Balanced Index1 | (2.7)% | |||||
Nine months to 31 March 2022 (£m) | ||||||||
Opening FUM 1 Jul 21 | Organic net new business Q1 | Organic net new business Q2 | Organic net new business Q3 | Inv. perf. in the period | Closing FUM 31 Mar 22 | Total organic net new business | Total mvmt | |
BPS | 9,460 | 6 | 51 | 30 | (222) | 9,325 | 0.9% | (1.4)% |
MPS | 2,411 | 162 | 156 | 181 | (15) | 2,895 | 20.7% | 20.1% |
UKIM discretionary | 11,871 | 168 | 207 | 211 | (237) | 12,220 | 4.9% | 2.9% |
Funds - DCF | 478 | (11) | 2 | (15) | 30 | 484 | (5.0)% | 1.3% |
Funds - Other | 1,598 | (15) | (23) | (20) | (12) | 1,528 | (3.6)% | (4.4)% |
Funds total | 2,076 | (26) | (21) | (35) | 18 | 2,012 | (3.9)% | (3.1)% |
UKIM total | 13,947 | 142 | 186 | 176 | (219) | 14,232 | 3.5% | 2.0% |
International | 2,512 | (14) | 12 | 3 | (87) | 2,426 | (0.0)% | (3.4)% |
Total | 16,459 | 128 | 198 | 179 | (306) | 16,658 | 3.1% | 1.2% |
Total investment performance | (1.9)% | |||||||
MSCI PIMFA Private Investor Balanced Index1 | 1.2% | |||||||
1Capital-only index.
Enquiries to:
Brooks Macdonald Group plc Andrew Shepherd, CEO Ben Thorpe, Chief Financial Officer
| www.brooksmacdonald.com 020 7659 3492 |
Peel Hunt LLP (Nominated Adviser and Broker) Rishi Shah / Andrew Buchanan / John Welch
| 020 7418 8900 |
FTI Consulting Laura Ewart / Katherine Bell
| brooksmacdonald@fticonsulting.com 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 £16.7 billion as at 31 March 2022.
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 fourteen offices across the UK and Crown Dependencies including London, Cheltenham, East Anglia, Exeter, Leamington Spa, Leeds, Manchester, Southampton, Tunbridge Wells, Scotland, Wales, Jersey, Guernsey and Isle of Man.
LEI: 213800WRDF8LB8MIEX37
www.brooksmacdonald.com / @BrooksMacdonald