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Brooks Macdonald announced that its funds under management (FUM) decreased by 3.9 percent in the quarter ended 31 March 2022, despite ongoing positive net flows of £200 million.
The business stated that the positive net flows were countered by weaker global markets, where pre-existing "macroeconomic issues" were exacerbated by the economic fallout from Ukraine's war.
FUM ended the quarter with £16.7 billion, down from £17.3 billion at the end of the financial year on 31 December 2021, but 1.2 percent over the group's total of £16.5 billion at the start of the fiscal year on 30 June 2021.
Additionally, Brooks Macdonald noted that positive bespoke portfolio service (BPS) and managed portfolio service (MPS) flows contributed to the quarter's £200 million in positive net flows. Its MPS provided significant flows, with Platform MPS and BMIS generating annualised net flows of 39% for the quarter.
The company stated that its overall pipeline "remains solid," however current market conditions may impact near-term conversion rates, and that its underlying business performance is in line with forecasts.
Andrew Shepherd, CEO of Brooks Macdonald, said: "This has been a solid quarter for Brooks Macdonald, despite the volatile market backdrop driven by the war in Ukraine, with continuing positive net flows providing further evidence of the success of our strategy.
“As ever, this is primarily down to the commitment and high quality delivery of our people, who give me great confidence in the group's continued success."
By fLEXI tEAM