29th Apr 2015 09:33
LONDON (Alliance News) - Brooks Macdonald Group PLC Wednesday said its discretionary funds under management increased by 8% over the course of its third quarter, boosted by investment growth and net new business.
In a statement, Brooks Macdonald said discretionary funds under management increased to GBP7.47 billion from GBP6.95 billion in the three months to the end of March.
The group said the advisory funds managed by Brooks Macdonald International increased by 6% to GBP482 million during the three months. Its property management business, Braemar Estates, saw its assets under administration creep up to GBP1.094 billion from GBP1.091 billion. Third party assets under administration increased to more than GBP245 million from more than GBP225 million.
Chief Executive Chris Macdonald said the group's previously reported move to relocate to a new office in London will "facilitate further expansion of the group and underlines our growth ambitions for the remainder of the year and beyond".
Brooks Macdonald shares were down 0.2% at 1,542.45 pence on Wednesday.
By Samuel Agini; [email protected]; @samuelagini
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