15th Oct 2020 11:16
(Alliance News) - Brooks Macdonald Group PLC on Thursday said its first quarter has been in line with expectations with a strong performance relative to the MSCI PIMFA Private Investor Balanced index.
The investment management firm said its funds under management at September 30 were GBP13.65 billion, in line with June 30. This reflected strong investment performance of GBP200 million in the quarter ended September 30, offset by net outflows.
Investment performance continued to be strong relative to benchmark, up 1.7% for the period, ahead of the MSCI PIMFA Private Investor Balanced Index which was down 0.4%.
In UKIM, "robust" investment performance was partially offset by net outflows with the bespoke portfolio service finishing marginally up on the quarter at GBP8.3 billion, although the managed portfolio service was down 1.9% to GBP1.8 billion, and funds reduced 3.4% to GBP2.0 billion.
The largest contributor to the reduction in managed portfolio service's funds under management was the exit of a single GBP90 million mandate as it moved from discretionary to advisory, the company said.
International recorded positive net flows which, combined with good investment performance, resulted in the business ending the period with funds under management in excess of GBP1.6 billion, an increase of 3.9% over the quarter before.
Chief Executive Caroline Connelan said: "The first quarter of our financial year has been in line with expectations. I am pleased with the strong investment performance we delivered, continuing to protect our clients' wealth, as well as positive flows in international as we continue to reinvigorate the business. Our vision for Brooks Macdonald is as the leading investment manager for intermediaries, and we look forward with confidence."
Brooks Macdonald shares were down 2.2% at 1,614.50 pence each in London on Thursday morning.
By Greg Roxburgh; [email protected]
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