Brooks Macdonald International, the Channel Islands subsidiary of AIM-listed investment management group Brooks Macdonald, has reported a modest rise in Funds under Management (‘FUM’) in its first financial quarter ending 30 September 2019.
As at 30 September 2019, FUM for Brooks Macdonald International, which has offices in Guernsey and Jersey, stood at £1.64bn, representing 2.3% growth on the previous quarter (30 June 2019: £1.60bn). This performance was reflective of reduced net outflows for the quarter and of the work under way to reinvigorate the business.
Meanwhile, FUM for Brooks Macdonald as a Group totalled £13.3 billion at the end of the quarter, an increase of 1.0% over the prior quarter (30 June 2019: £13.1 billion), as conditions remain challenging.
Commenting on the results, Andrew Shepherd, CEO, Brooks Macdonald International, said:
“The prevailing political and macroeconomic backdrop continues to generate market uncertainty and weaker client sentiment. Notwithstanding this, it is encouraging to see modest quarterly growth in International, which is reflective of the progress we are making as we look to reinvigorate our business. Looking forward, we continue to remain focused on enhancing our proposition for International clients and strengthening our relationships with trustees and advisers.”
