Brooks Macdonald Group PLC Trading Update (1688D)

TIDMBRK

RNS Number : 1688D

Brooks Macdonald Group PLC

27 January 2015

BROOKS MACDONALD GROUP PLC

Half year trading update and Quarterly Announcement of Funds under Management

Notice of Half Year Results

Brooks Macdonald Group plc (the "Group"), the AIM listed integrated wealth management group, today announces a trading update for its half year ended 31 December 2014 together with an update on its funds under management.

Trading Update

Trading for the half year was in line with management expectations, with discretionary funds under management rising by 6.15% over the period. Continued good progress was made despite a period of volatility for markets and continued change in the industry.

In the first half of the year the Company has incurred a charge of GBP343,000 for additional deferred consideration relating to the Spearpoint acquisition.

Against this background we continue to pursue our growth objectives. These are principally around organic growth, as well as continuing to invest in the required infrastructure to enable that continued growth in the future.

The prospects for the second half remain in line with our expectations.

Quarterly Funds under Management Update

Discretionary

As at 31 December 2014, discretionary funds under management ('FUM') totalled GBP GBP6.953 billion, an increase of 4.1% (30 September 2014: GBP6.677 billion). As a comparison the WMA balanced index increased by 2.4% over the quarter.

This represents all our discretionary funds across the Group (Asset Management, Funds and International) and this growth was a combination of performance (GBP140m) and net new business (GBP136m) over the quarter.

Analysis of discretionary fund flows over the quarter

 
                           December 2014 
                            (quarter on 
                              quarter) 
                                GBPm 
------------------------  -------------- 
 Opening discretionary 
  FUM                          6677 
------------------------  -------------- 
 Net new discretionary 
  business                      136 
------------------------  -------------- 
 Acquisitions                    0 
------------------------  -------------- 
 Investment growth              140 
------------------------  -------------- 
 Total FUM growth               276 
------------------------  -------------- 
 Closing FUM                   6953 
------------------------  -------------- 
 Organic growth (net of 
  markets) %                   2.03 
------------------------  -------------- 
 Total growth %                4.10 
------------------------  --------------

Advisory

As at 31 December 2014 advisory funds under management (managed by Brooks Macdonald International) totalled GBP GBP457 million, a decrease of 0.65% (30 September 2014: GBP460.9 million).

Property assets under administration

The Group's property management business Braemar Estates had property assets under administration of GBP1.091 billion, a decrease of 4.4% (30 September 2014: GBP1.142 billion).

Third party assets under administration

The Group now has third party assets under administration in excess of GBP225 million (30 September 2014: >GBP215million).

Notice of Results

The Group intends to issue its half year results on Wednesday 11 March 2015.

Chris Macdonald, Chief Executive of Brooks Macdonald, commented:

"The Group has continued to make good progress in Q2 with funds under management just under GBP7 billion, capping a solid first half performance despite volatile markets and continued industry change.

"Over the 2014 calendar year discretionary funds under management have grown by over GBP1.27bn (including the acquisition of DPZ of GBP360m in April) and over the first six months of the current financial year by over GBP400 million."

Enquiries to:

 
 Brooks Macdonald Group plc                       www.brooksmacdonald.com 
  Chris Macdonald, Chief Executive                          020 7499 6424 
  Simon Jackson, Finance Director 
 Peel Hunt LLP (Nominated Adviser and Broker) 
  Guy Wiehahn                                               020 7418 8900 
 MHP Communications 
  Reg Hoare / Simon Hockridge / Giles Robinson              020 3128 8100

Notes to editors

Brooks Macdonald Group plc is an AIM listed, integrated, wealth management group. The Group consists of six principal companies: Brooks Macdonald Asset Management Limited, a discretionary asset management business; Brooks Macdonald Funds Limited, a fund management business; Brooks Macdonald Financial Consulting Limited, a financial advisory and employee benefits consultancy; Brooks Macdonald Asset Management (International) Limited, a Jersey and Guernsey based provider of discretionary investment management and stockbroking; Brooks Macdonald Retirement Services (International) Limited, a Jersey and Guernsey based retirement planning services provider; and Braemar Estates (Residential) Limited, an estate management company.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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