Brooks Macdonald funds under management up 5.1%

Brooks Macdonald reported a rise in funds under management in the first quarter on Tuesday.

For the quarter ended 30 September, FuM rose 5.1% to £11bn. The company saw £376m of net new discretionary business and £155m was added through investment performance.

Chief executive Caroline Connellan 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.”

Shore Capital said: “We regard this as another good quarter Brooks but our ‘sell’ recommendation is not based around the company’s asset gathering credentials (which remain strong), more on its ability to translate these into similar progress in the financial results.”

At 0920 BST, the shares were down 0.1% to 2,002p.