20th Oct 2015 07:17
LONDON (Alliance News) - Wealth manager Brooks Macdonald Group PLC on Tuesday said its discretionary funds under management fell in the first quarter due to weak investment markets.
The company said its discretionary funds under management totalled GBP7.33 billion at the end of September, down 1.1% from the GBP7.41 billion it had under management at the end of its 2015 financial year in June.
The group won net new discretionary business of GBP180.0 million in the quarter, but this was offset by a GBP263.0 million decline due to weak markets.
Braemar Estates, its property management arm, had GBP1.07 billion in assets under management at the end of the quarter, down from GBP1.14 billion at the end of June, while its third party assets under management rose slightly, up to GBP260.0 million from GBP255.0 million.
"Investment markets have been weak in the first quarter which has an inevitable impact on funds under management and financial performance. However we are pleased that new business is robust and demand for our risk rated investment solutions from both professional intermediaries and private clients continue to gain traction," said Chris Macdonald, the chief executive of the company.
Shares in Brooks Macdonald were down 2.3% to 1,690.00 pence on Tuesday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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