Modest rise in funds at Brooks Macdonald
BROOKS MACDONALD INTERNATIONAL has reported a modest rise in funds under management in its first financial quarter ending 30 September 2019.
The Channel Islands subsidiary of management group Brooks Macdonald, which has offices in Guernsey and Jersey, said its funds under management stood at £1.64bn.
This represented 2.3% growth on the previous quarter. The performance was reflective of reduced net outflows for the quarter and of the work under way to reinvigorate the business.
FUM for Brooks Macdonald as a group totalled £13.3bn at the end of the quarter, an increase of 1% over the prior quarter as conditions remain challenging.
Andrew Shepherd, CEO, Brooks Macdonald International, said: ‘The prevailing political and macroeconomic backdrop continues to generate market uncertainty and weaker client sentiment.
‘Notwithstanding this, it is encouraging to see modest quarterly growth in [Brooks Macdonald] International, which is reflective of the progress we are making as we look to reinvigorate our business.
‘Looking forward, we continue to remain focused on enhancing our proposition for international clients and strengthening our relationships with trustees and advisers.’