The wealth manager confirmed it was in the process of merging its funds business and investment management group in its first quarter update, in a year that has seen Brooks Macdonald shake up its core business activities and group structure.
In the last quarter, Brooks Macdonald sold Braemar Estates, it’s property management business, to support the focus of the core business.
Over the first quarter, Brooks Macdonald saw funds under management total £11bn, up 5.1% from £10.5bn the previous quarter.
This latest increase was driven by a combination of £376m in net new business and £155m from performance-related fees.
Its investment management arm, including the funds group, took in £329m of net new business and saw organic growth of 3.7%.
The firm’s international business, which will still be treated as a standalone segment, saw new business of £48m and 3% organic growth.
Caroline Connellan, chief executive of Brooks Macdonald, said: “I am pleased to report that we have seen continued momentum through the first quarter of our new financial year, with strong net new business and portfolio performance, resulting in FUM increasing in all core offerings.
“We are maintaining our focus on capturing the significant growth opportunities open to us while progressing our investment in the business to provide a stronger platform for future growth. Notwithstanding our continued caution around markets and client sentiment, we look forward with confidence.”
