Quarterly Announcement of Funds under Management

RNS Number : 0404W

Brooks Macdonald Group PLC

13 April 2023

 

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 a n 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%

¹ Capital-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	[e-mail] 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

 

END

 

 

TSTEAELAFFADEAA