Positive market performance offset £100m in outflows at Brooks Macdonald in the final quarter of 2023, leading to a rise in funds under management or advice.
In a fourth-quarter trading update published today (17 January), the wealth manager said positive investment performance of 4.9% over the period managed to offset outflows, resulting in FUM growing by 4.3% to £17.6bn. The outflows mostly affected the firm's bespoke portfolio service (BPS) and funds business, with clients withdrawing funds to "repay debt or to hold higher cash balances", the firm said. Brooks Macdonald head of investment solutions departs Brooks' platform model portfolio service, including its investment solutions division, grew to £3.9bn over the quarter, up 7.3%,...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
