18th Oct 2013 08:32
LONDON (Alliance News) - Aim-listed wealth manager Brooks Macdonald Group PLC Friday said discretionary funds under management rose 5.2% in the latest quarter, boosted by performance and net new business wins.
The company said funds under management were GBP5.1 billion at the end of September compared with GBP5.1 billion at the end of June, with performance contributing GBP102 million and net new business GBP170 million.
Advisory funds under management managed by Brooks Macdonald International totalled GBP354 million, up 1.7% from GBP348 million at the end of June, while its property management business Braemar Estates had property assets under administration of GBP1.07 billion, up 2.9% from GBP1.04 billion.
Its new investment management administration service, which was launched in April 2012, had third party assets under administration in excess of GBP140 million, up from more than GBP120million at the end of June.
"We are particularly pleased to report that Brooks Macdonald International achieved strong growth in discretionary funds under management in the quarter, in line with our expectation that it would start to grow this year following its integration," Chief Executive Chris Macdonald said in a statement.
"We are confident that its growth will continue over the course of the year driven by its bespoke portfolio service, advisory services and retirement advice business and later this year through the launch of an offshore managed portfolio service," he added.
Brooks Macdonald shares were up 3% at 1,390 pence Friday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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