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Brooks Macdonald hails return to positive quarterly net flows
(Sharecast News) - UK wealth manager Brooks Macdonald has announced a return to positive quarterly net flows for the first time in nearly three years, while funds under management and administration (FUMA) expanded slightly in its second quarter. Total FUMA were valued at £20.1bn by 31 December, up 3% over the £19.6bn reported at the end of September and ahead of the £19.1bn valuation at the end of the last fiscal year (30 June).
Within this, BM's Bespoke Portfolio Service saw FUM rise 2% to £8.9bn, while Managed Portfolio Service FUM rose 6% to £7.8bn. Meanwhile, total assets under advice were flat at £5.3bn, of which £2.3bn were advised-only assets.
Net flows amounted to £50m, compared with net outflows of £151m the year before, marking the first quarter of positive net flows since FY23.
"I am delighted to announce a return to positive net flows in the quarter, highlighting the improving trend delivered in recent quarters, and strong investment performance lifting FUMA to £20.1bn," said chief executive Andrea Montague.
"We are committed to building on this positive momentum as we execute our 'Reignite Growth' strategy."
Brooks Macdonald's Reignite Growth plan focuses on becoming a UK-centric wealth manager, expanding its use of tech and AI throughout the business and enhancing client service, as well as evaluating M&A opportunities.
The stock was up 0.8% at 1,632.53p by 1057 GMT.
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