24th Jul 2019 11:20
(Alliance News) - Investment management company Brooks Macdonald Group PLC said on Wednesday it ended its financial year with record discretionary funds under management after delivering a "strong investment performance".
At the conclusion of the year ended June 30, the company had GBP13.20 billion of discretionary assets under management, an increase of 6.8% over the year and 3.5% over the quarter.
The company said 3.3% of the annual increase was down to net new business with a further 3.5% down to investment performance.
By comparison, the MSCI Wealth Management Association Private Investor Balanced Index grew 2.2% over the year and 2.8% over the quarter.
Chief Executive Caroline Connellan said: "We have generated positive net new business over the year and delivered strong investment performance, despite extremely low net flows across the industry and continuing macroeconomic and political uncertainty.
"We have taken decisive steps to streamline our business, drive increased efficiency and effectiveness, and reinforce the foundations of the organisation. This has helped us deal with the current challenging environment and positions us well to continue to deliver benefits for both clients and shareholders."
Shares in Brooks Macdonald were down 1% at 1,965.00 pence each in London on Wednesday morning.
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