Strong market performance helped drive Brooks Macdonald’s assets under management (AUM) up by £756 million in the second quarter to a record high of £12.4 billion.
In a trading update, the company said that £214 million of this comprised net new inflows, with £542 million coming from investment performance. The company’s AUM rose by 6.5% over the three months to the end of June –the fourth quarter in Brooks’ financial reporting- compared to the MSCI WMA Private Investor Balanced index’s 4.2% rise.
Brooks said that over 12 months, AUM have grown by 18.7% or £1.96 billion, of which 13.1 percentage points was down to net new business.
Chief executive Caroline Connellan (pictured) said: ‘I am pleased to report that a solid final quarter completes another year of impressive AUM growth for Brooks Macdonald. While markets have fluctuated over the second half of our financial year, we have again generated strong net new business and delivered robust investment performance.
‘Our organic growth has been largely driven by the depth of the relationships we have built with our clients and the advisers who support us. This, combined with rigorous cost discipline, will enable us to deliver sustainable growth and improved operating margins in the medium term.’