Brooks Macdonald has highlighted the 17.6% increase in assets in its managed portfolio service as it rounds out the end of its financial full year with positive results in the final quarter. The MPS was also a rare bright spot in the wealth manager’s full-year results.
The group finished the quarter ended 30 June with AUM of £13.7bn, up 12% from the £12.2bn it posted in June.
The MPS delivered the strongest growth over the period both with AUM increasing from £1.5bn to £1.8bn. The MPS brought in £91m of net new business over the quarter representing 5.9% of starting AUM.
In contrast, Brooks Macdonald’s bespoke portfolio service posted net outflows of £90m and its funds business faced outflows of £66m. Overall the group suffered net outflows of £64m over the quarter.
The MPS was the only service to deliver positive net flows over the full year, bringing in £81m, while its discretionary business lost £359m and its funds business lost £355m in net outflows. Across the group it faced net outflows of £774m on opening AUM of £13.1bn.
Nevertheless, chief executive Caroline Connellan (pictured) said: “Overall the year has been one of significant progress, despite macroeconomic and political uncertainty in the first half of the year and Covid-19 related market volatility and economic concerns in the second.
“We have delivered strong commercial results and are on track to meet profit expectations.
“We have made significant steps forward in achieving our growth ambitions, including two high quality acquisitions, while also continuing to take the necessary actions to set the business up for further success.”
The wealth manager also announced today that former Alliance Trust Savings chief executive Robert Michael Burgess would join the board as a non-executive director in August. Burgess is currently a non-executive director of Oaknorth Bank and chairman of Invest & Fund.
