Brooks Macdonald Group PLC has released its quarterly announcement of Funds under Management (FUM) for the fourth quarter of the financial year ended 30 June 2024. The company reported a 7.0% increase in FUM to £18.0 billion, with full-year results expected to be in line with market expectations. The CEO, Andrew Shepherd, highlighted the dedication to serving clients in a changing economic environment, resulting in strong gross inflows and high demand for wealth management services.
The Group recorded net outflows in the quarter of £0.2 billion, which was an improvement on the prior quarter, and was more than offset by positive investment performance, resulting in closing FUM of £18.0 billion. The platform MPS, including the Group's B2B offering for financial advisers, BM Investment Solutions ("BMIS"), grew to £4.4 billion with annualized organic net new business in the quarter of 13.0% of opening FUM.
For the financial year ended 30 June 2024, the Group experienced net outflows of £0.6 billion or 3.7%, in line with guidance. Investment performance contributed £1.8 billion, leading to overall growth in the Group's closing FUM of 7.0% from the start of the financial year to £18.0 billion. The Group anticipates its full-year results to be in line with market expectations.
In June 2024, the Group announced the retirement of Andrew Shepherd as Group CEO and the appointment of Andrea Montague in this role from 1 October 2024, subject to regulatory approval. The Group will report full-year results and the outcome of the strategic review of the International business on 12 September 2024.