21st Oct 2014 08:42
LONDON (Alliance News) - Wealth management group Brooks Macdonald Group PLC Tuesday said its discretionary funds under management rose in the third quarter from the second, with advisory, property assets and third party assets all up.
The group said discretionary funds under management were at GBP6.7 billion at September 30, up 2% on the GBP6.6 billion reported at the end of June. The firm said GBP25 million of the growth was down to performance, with GBP102 million coming from net new business.
Advisory asset under management increased to GBP460.9 million, from GBP456 million at the end of the second quarter, while property assets were up slightly to GBP1.1 billion.
It also said it now has third party assets under administration in excess of GBP215 million, up from GBP200 million in June.
"Despite more challenging markets during the quarter, which is historically our slowest trading period, the group has grown discretionary funds under management by around 2%, derived from a combination of organic growth and by performance. Against this background, the Group has made a reasonable start to the new financial year," said Chief Executive Chris Macdonald.
Brooks Macdonald shares were up 1% to 1,365 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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