26th Apr 2016 07:52
LONDON (Alliance News) - Brooks Macdonald Group PLC, the AIM-listed investment manager celebrating its 25th year since being founded, on Tuesday said its discretionary funds under management have grown to exceed GBP8.0 billion for the first time in the company's history.
"Net organic growth remained strong at over 3% for the quarter although our underweight positions in Resources and UK Fixed Income caused client portfolios to lag the benchmark after a sustained period of outperformance," Chief Executive Chris Macdonald said in a statement.
Being underweight refers to when a holding of particular securities makes up a smaller overall percentage of a broader portfolio of investments than the underlying benchmark. This causes investment performance versus that benchmark to vary.
In a statement, Brooks Macdonald said its discretionary funds under management grew to GBP8.01 billion from GBP7.82 billion in the three months ended March 31, the third quarter of its financial year. The 2.37% increase exceeded the 0.72% increase in the WMA balanced index over the course of the quarter.
The growth in funds under management was due to net new business of GBP241 million exceeding a GBP56 million hit from investment performance.
Shares in Brooks Macdonald were up 0.2% at 1,801.00 pence on Tuesday morning.
By Samuel Agini; [email protected]; @samuelagini
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