Strong third quarter for Brooks Macdonald
A RISE in net new business helped the Channel Islands subsidiary of investment management group Brooks Macdonald record a positive performance for the third quarter of its financial year – ending 31 March 2019.
Figures announced by the firm as part of its quarterly announcement of funds under management show that Brooks Macdonald International – which has offices in Jersey and Guernsey – closed the quarter with £1.6bn in FUM.
The figure represented an increase of 3.9% over the quarter.
The company said that it was driven by a rise in net new business (+£14m.), as well as a strong quarterly investment performance that added £45m.
As a whole, the group recorded total FUM of £12.8bn, an increase of 7.9% on the prior quarter, driven by net new business (+£166m.) and investment performance (+£773m.).
‘We have continued to perform well overall as a group and I’m pleased that our International business in Jersey and Guernsey also reflects this, with positive net new business and strong investment performance,’ said Andrew Shepherd, CEO, International, Brooks Macdonald.
‘Following the changes we announced in March, we remain focused on the future growth of the business in the Channel Islands and, looking ahead, we continue to see a strong pipeline of activity as a result of our efforts in overseas markets, in particular the Middle East and South Africa.’