Brooks Macdonald Group today publishes an update on Funds under Management (FUM) for the fourth quarter of its financial year (ended 30 June 2020), together with a Trading Update for the period.
The update shows that Brooks Macdonald International, the Channel Islands subsidiary of Brooks Macdonald, recorded improved flows during the quarter and enjoyed investment performance of £0.2 billion (11.1%), taking its closing FUM position to £1.6 billion.
The figures reflect the continued reinvigoration of the business, which is being augmented by the recently announced acquisition of Lloyds Bank International’s Channel Islands wealth management and funds business. The acquisition will add up to c.£1.0 billion in FUM to the International business and is expected to complete during the first half of the Group’s current
financial year. It represents another significant step forward for the Group in achieving its growth ambitions.
Andrew Shepherd, CEO of Brooks Macdonald International, said: “I am pleased by our results for the fourth quarter. We have continued to reinvigorate the International business and maintained strong investment performance. I am impressed by, and grateful for, our people’s response to the current challenges”.
He continued: “They have adapted seamlessly to the remote working environment of the COVID-19 lockdown, while further reinforcing the strong relationships we have with advisers, clients and trustees. We have also made significant steps forward in achieving our growth ambitions while continuing to take the necessary actions to set the business up for further success”.
Total Group FUM finished the quarter at £13.7 billion (31 March 2020: £12.2 billion), an overall increase of £1.5 billion or 12.0%.
