26th Jan 2017 08:57
LONDON (Alliance News) - Small-cap investment manager Brooks Macdonald Group PLC said Thursday it has seen funds growth in its financial first half, despite "dented client sentiment" due to political uncertainty.
AIM-listed Brooks Macdonald reported its discretionary funds under management rose 12% to GBP9.33 billion as at December 31 from GBP8.30 billion on June 30. Net new discretionary business in the six-month period totalled GBP332.0 million.
Brooks Macdonald said the growth came against a "backdrop of uncertainty" due to the Brexit vote and the election of Donald Trump as US president.
"These outcomes have undoubtedly dented client sentiment over the last six months and whilst portfolios have performed well in these challenging conditions, we expect market volatility to remain," said Brooks Macdonald.
Brooks Macdonald will release its interim results on March 15. This comes ahead of the impending appointment of Caroline Connellan, currently head of UK premier and wealth at HSBC Holdings PLC, as chief executive of the company. She will replace Chris Macdonald in April.
"The group has continued to make good progress on a number of fronts, with discretionary funds under management now exceeding GBP9 billion, organic growth of GBP806 million in the calendar year, continuation of our growth strategies both onshore and offshore and further progress of our IT system development," said Chris Macdonald.
"In April we will welcome Caroline Connellan as our new chief executive, and we look forward to the future with confidence," added Macdonald.
Shares in Brooks Macdonald were down 0.9% at 1,994.00 pence Thursday.
By Adam Clark; [email protected]
Copyright 2017 Alliance News Limited. All Rights Reserved.
Related Shares:
HSBC HoldingsBrooks Macdonald