By Leah Montebello
Funds under management dipped for Brooks Macdonald this year as the investment management firm warns of the challenging market environment for clients and advisers.
Group funds under management (“FUM”) closed at £15.7bn, down nearly five per cent from last year, as positive net flows were offset by the impact of declining markets on asset values.
Brooks Macdonald posted positive net flows throughout the year, with net flows for the full year of 4.8 per cent representing a £1.1bn improvement on 2021 levels.
Group revenue hit £122.2m, up 3.4 per cent on last year, driven by higher average FUM and the full year impact of the group’s acquisition of the Lloyds Channel Islands business
Underlying profit margins were up 2.3 points to 28.2 per cent.
Brooks Macdonald CEO Andrew Shepherd said it had been another strong year for the firm.
However, he said: “Our clients and advisers are facing a challenging macroeconomic and market environment and, as ever, we will support them through these difficult times.
Nonetheless, the fundamental long-term opportunity for Brooks Macdonald remains strong despite these challenges. We have momentum, we have an ambitious growth strategy and we have a strong team with the capabilities to take full advantage of the opportunities ahead.”
Shares climbed two per cent in early morning trading as investors back Brooks Macdonald’s scope for growth.
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