15th Apr 2021 10:10
(Alliance News) - Brooks Macdonald Group PLC on Thursday reported "positive" net flows for its investment management business in the UK during its financial third quarter.
The London-based financial services firm said its total funds under management increased by 0.9% to GBP15.6 billion in its third quarter ended March 31 from GBP15.5 billion as at December 31.
Brooks Macdonald said this increase was driven by positive net flows in its UK Investment Management division as well as a further positive investment performance.
UKIM delivered net inflows of 0.3% in the third quarter, while the UKIM discretionary Managed Portfolio Service had "strong positive" net flows of 7.1%, driven in particular by Investment Solutions and Platform MPS.
The firm's third quarter investment performance was 1.1%, compared to the benchmark MSCI PIMFA Private Investor Balanced Index at 1.6%. For its financial year to date, Brooks Macdonald's investment performance was 11%, ahead of the benchmark, which was up 8.2%.
"It has been another quarter of delivery against our strategy evidenced by good performance in our core UKIM business, the continued positive trend in overall net flows, and a healthy pipeline. This momentum is testament to our people and I am once again grateful to them for their relentless commitment to delivering for intermediaries and clients in challenging circumstances," said Chief Executive Caroline Connellan.
"We remain on track to achieve full-year expectations and we are well positioned to continue delivering sustainable, value-enhancing growth," she added.
Shares in Brooks Macdonald were up 0.5% at 2,020.63 pence in London on Thursday.
By Zoe Wickens; [email protected]
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