British wealth manager Brooks Macdonald Group said that its discretionary funds under management (FUM) stood at £11bn at the end of 30 September 2017, an increase of 5% compared to £10.5bn as at 30 June 2017.
The company attributed the rise in FUM to £376m in net new business and £155m in investment performance.
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The figures represent all the discretionary funds managed by the group across investment management, funds and international.
Brooks Macdonald is currently in the process of combining its funds business and UK investment management business. This part of the group reported net new discretionary business of £329m and an organic growth rate of 3.7%.
The group’s international business reported net new discretionary business of £48m and organic growth of 3%.
Brooks Macdonald CEO 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.”
