TIDMBRK
RNS Number : 9285Q
Brooks Macdonald Group PLC
24 October 2019
24 October 2019
BROOKS MACDONALD GROUP PLC
Quarterly Announcement of Funds Under Management
Modest FUM growth, continued focus on efficiency, on track to
meet full year expectations
Brooks Macdonald Group plc (the "Group"), the AIM listed
investment management group, today publishes its quarterly update
on discretionary Funds under Management ("FUM") for the first
quarter ended 30 September 2019.
As at 30 September 2019 FUM totalled GBP13.3 billion, an
increase of 1.0% over the prior quarter (30 June 2019: GBP13.1
billion(1) ). The Group had total net outflows of GBP28 million
over the period, as conditions remained challenging.
Although both MPS and Funds continued to achieve net inflows
during the quarter, BPS recorded net outflows of GBP53 million, due
to the weaker client sentiment in the market and in part to our
focus on business quality. International saw reduced net outflows
for the quarter, an initial reflection of the work under way to
reinvigorate the business.
During the period, investment performance was GBP166 million or
1.3%, compared to 2.0% for the MSCI WMA Private Investor Balanced
Index, reflecting our prudent defensive investment stance in
current markets. Long-term investment performance remains
robust.
On a year-on-year basis, as at 30 September 2019, FUM increased
by 4.8% (30 September 2018: GBP12.7 billion(2) ).
Analysis of discretionary fund flows over the quarter
Quarter to 30 September 2019
Opening Net new Closing Net new Total
GBPm FUM(1) business Performance FUM business growth
(%) (%)
-------- ---------- -------------- -------- ---------- --------
BPS 8,254 (53) 74 8,275 (0.6) 0.3
-------- ---------- -------------- -------- ---------- --------
MPS 1,705 9 24 1,738 0.5 1.9
-------- ---------- -------------- -------- ---------- --------
UKIM discretionary 9,959 (44) 98 10,013 (0.4) 0.5
-------- ---------- -------------- -------- ---------- --------
Funds 1,584 23 24 1,631 1.5 3.0
-------- ---------- -------------- -------- ---------- --------
UKIM total 11,543 (21) 122 11,645 (0.2) 0.9
-------- ---------- -------------- -------- ---------- --------
International 1,604 (7) 44 1,641 (0.4) 2.3
-------- ---------- -------------- -------- ---------- --------
Total 13,147 (28) 166 13,285 (0.2) 1.0
-------- ---------- -------------- -------- ---------- --------
Caroline Connellan, Chief Executive of Brooks Macdonald
commented:
"The prevailing political and macroeconomic backdrop continues
to generate market uncertainty and weaker client sentiment.
Notwithstanding this, positive investment returns helped us deliver
higher FUM levels and it was also encouraging to see early progress
in our International business.
"Although we remain cautious about the short-term outlook, the
fundamental opportunity for Brooks Macdonald remains strong and we
are well positioned to capture it. Given the investment we are
making in our talent and capabilities, the focus we maintain on
efficiency, and our ongoing cost discipline, our expectations for
full year profit are unchanged."
(1) The Group acts as the promoter and distributor of the
Braemar Group PCC Limited-UK Agricultural Land fund ("Agri").
Following shareholder's approval at an EGM held on 14 August 2019,
the fund's agricultural assets have been placed on sale and the
fund will then be wound up. Accordingly, the Agri's assets valued
at GBP4 million at 30 June 2019 have been excluded from all figures
shown in this announcement.
(2) As announced on 24 July 2019, the Group exited from its
investment management agreement with the Ground Rents Income Fund
plc ("GRIF"), a specialised property fund, on 13 May 2019.
Accordingly, comparative FUM figures shown in this announcement
have been restated to exclude GRIF's assets.
Enquiries to:
Brooks Macdonald Group plc www.brooksmacdonald.com
Caroline Connellan, Chief Executive 020 7499 6424
Ben Thorpe, Group Finance Director
Peel Hunt LLP (Nominated Adviser and Broker)
Guy Wiehahn / John Welch 020 7418 8900
MHP Communications
Reg Hoare / Simon Hockridge / Charlie Barker 020 3128 8734
Notes to editors
Brooks Macdonald Group plc, through its various subsidiaries,
provides leading investment management services in the UK and
internationally. The Group, which was founded in 1991 and began
trading on AIM in 2005, had Discretionary Funds under Management of
GBP13.3 billion as at 30 September 2019.
Brooks Macdonald offers a range of investment management
services to private high net worth individuals, pension funds,
institutions, charities and trusts. The Group also provides
financial planning as well as offshore investment management and
acts as fund manager to a regulated OEIC providing a range of
risk-managed multi-asset funds and a specialised absolute return
fund.
The Group has thirteen offices across the UK and the Channel
Islands including London, East Anglia, Hampshire, Leamington Spa,
Leeds, Manchester, Taunton, Tunbridge Wells, Wales, Scotland,
Jersey, and Guernsey.
LEI: 213800WRDF8LB8MIEX37
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END
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