Brooks Macdonald has reported a net inflow of £100m for the three months to 30 June.
In a trading update published this morning (13 July) the wealth manager also said it saw a closing FUM of £16.85bn versus £16.79bn at the end of the previous quarter.
Its UK discretionary arm booked net inflows in the quarter of £0.2bn, with overall FUM increasing by 1.5%.
Platform MPS, and within that B2B offering BM Investment Solutions, achieved combined annualised net flows of 38%. Investment performance for the quarter was negative 0.3%.
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The firm pointed to ‘prevailing market conditions and higher interest rates’ as headwinds to investor sentiment, and noted increased trends towards higher cash holdings, debt repayment and money market funds.
Brooks added that its pipeline for the 2024 financial year is ‘healthy’, but the firm expects to see investor sentiment remaining subdued while markets continue to be uncertain.
CEO Andrew Shepherd (pictured) commented: “I am pleased to report another quarter of positive net flows, particularly within our Platform MPS offering, with annualised net flows of 38% in the quarter. Against a backdrop of volatile markets and interest rate rises, our net flows remained positive throughout the year, with the organic FUM growth rate increasing to 5.2%, contributing to an overall growth in FUM of 7.5%.
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“We continue to make steady and encouraging progress against our strategy, led by strong organic growth driven by the value clients place on high quality financial advice. This growth exemplifies the resilience of our organisation and our collective drive to deliver long-term sustainable results through the execution of our strategy, underpinned by the unrelenting commitment of our people to our clients and intermediaries.”
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