27th Apr 2018 08:33
LONDON (Alliance News) - Brooks Macdonald Group PLC said Friday that weaker stock markets resulted in a quarter-on-quarter drop in third quarter funds under management.
"I am pleased to report that we have maintained good momentum in our business over the quarter, continuing the trend seen in the first half of our financial year, despite more challenging market conditions. The strength of our client and adviser relationships has continued to deliver robust organic growth with client sentiment remaining broadly positive," said Chief Executive Caroline Connellan.
"Weaker markets have resulted in total FUM declining slightly over the quarter. However, our investment performance has continued to be strong, demonstrating the value of good active management in difficult markets," Connellan added.
The investment manager recorded funds under management of GBP11.66 billion for the three months to March-end, down 0.7% from GBP11.74 billion in the second quarter ended December 31.
Funds under management, however, were up 18.2% year-on-year from GBP9.93 billion in the third quarter of its 2017 financial year.
The quarterly result was driven by net new business of GBP343 million, offset by negative investment performance of GBP422 million.
Shares in the company were untraded at 1,850.00 pence on Friday.
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