TIDMBRK
RNS Number : 8543F
Brooks Macdonald Group PLC
13 July 2023
13 July 2023
BROOKS MACDONALD GROUP PLC
Quarterly Announcement of Funds under Management and Trading
Update
Notice of Full Year results
"Positive net flows in Q4 leading to full year growth in Group
FUM of 7.5%"
Brooks Macdonald Group plc ("Brooks Macdonald" or the "Group")
today publishes a trading update and its quarterly announcement of
Funds under Management ("FUM") for the fourth quarter of its
financial year ended 30 June 2023.
Quarterly Announcement of Funds under Management
The Group recorded positive net flows in the quarter of GBP0.1bn
or 0.6%. This was partly offset by the impact of declining markets,
resulting in closing FUM of GBP16.85bn (31 March 2023: GBP16.79bn).
Highlights in the quarter included:
-- UKIM discretionary delivered net inflows in the quarter of
GBP0.2 billion, with overall FUM increasing by 1.5% in the quarter.
Platform MPS and, within that, the Group's B2B offering BM
Investment Solutions ("BMIS") , had another strong quarter, with
combined annualised net flows of 38.0%.
-- Investment performance for the quarter was marginally
negative at (0.3)%, slightly ahead of the MSCI PIMFA Private
Investor Balanced Index.
-- Prevailing market conditions and higher interest rates
continue to affect investor sentiment with increased trends towards
higher cash holdings, debt repayment and investment in money market
funds in the short term.
Trading Update
For the financial year ended 30 June 2023, the Group achieved
positive net flows of GBP0.8bn or 5.2%, in line with guidance and
ahead of the rate achieved in FY22 of 4.8%. Investment performance
contributed GBP0.4bn, leading to an overall growth in the Group's
closing FUM of 7.5% from the start of the financial year (30 June
2022: GBP15.67bn).
Trading performance in the second half was solid, and the Group
anticipates its full year results to be in line with current market
expectations.
The pipeline for FY24 is healthy, but we expect to see investor
sentiment remaining subdued while markets continue to be uncertain
in the near term.
Andrew Shepherd, CEO of Brooks Macdonald commented:
"I am pleased to report another quarter of positive net flows,
particularly within our Platform MPS offering, with annualised net
flows of 38% in the quarter. Against a backdrop of volatile markets
and interest rate rises, our net flows remained positive throughout
the year , with the organic FUM growth rate increasing to 5.2%
(FY22: 4.8%), contributing to an overall growth in FUM of 7.5%.
"We continue to make steady and encouraging progress against our
strategy, led by strong organic growth driven by the value clients
place on high quality financial advice. This growth exemplifies the
resilience of our organisation and our collective drive to deliver
long term sustainable results through the execution of our
strategy, underpinned by the unrelenting commitment of our people
to our clients and intermediaries."
Analysis of fund flows by service over the period
Quarter to 30 June 2023 (GBPm)
Opening Organic Investment Closing Organic Total
FUM net new performance FUM net new mvmt
1 Apr 23 business in the period 30 Jun business
23
---------- ---------- --------------- -------- ---------- --------
BPS 8,633 (76) (30) 8,527 (0.9)% (1.2)%
---------- ---------- --------------- -------- ---------- --------
MPS Custody 982 (17) 1 966 (1.7)% (1.6)%
MPS Platform 3,178 302 9 3,489 9.5% 9.8%
---------- ---------- --------------- -------- ---------- --------
MPS total 4,160 285 10 4,455 6.9% 7.1%
---------- ---------- --------------- -------- ---------- --------
UKIM discretionary 12,793 209 (20) 12,982 1.6% 1.5%
---------- ---------- --------------- -------- ---------- --------
Funds - DCF 377 (35) (4) 338 (9.3)% (10.3)%
Funds - Other 1,418 (37) (11) 1,370 (2.6)% (3.4)%
---------- ---------- --------------- -------- ---------- --------
Funds total 1,795 (72) (15) 1,708 (4.0)% (4.8)%
---------- ---------- --------------- -------- ---------- --------
UKIM total 14,588 137 (35) 14,690 0.9% 0.7%
---------- ---------- --------------- -------- ---------- --------
International 2,206 (40) (9) 2,157 (1.8)% (2.2)%
---------- ---------- --------------- -------- ---------- --------
Total 16,794 97 (44) 16,847 0.6% 0.3%
---------- ---------- --------------- -------- ---------- --------
Total investment performance (0.3)%
----------------------------------------------------------------------- ----------------------
MSCI PIMFA Private Investor Balanced Index(1) (0.5)%
----------------------------------------------------------------------- ----------------------
Twelve months to 30 June 2023 (GBPm)
Opening Organic net new business Total Closing Organic Total
FUM Inv. FUM net new mvmt
Perf. business
-------- -------------------------------- ------- -------- ---------- --------
1 Jul Q1 Q2 Q3 Q4 Total FY 30 Jun FY FY
22 23
-------- ------ ----- ---- ---- ----- ------- -------- ---------- --------
BPS 8,581 (6) (82) (43) (76) (207) 153 8,527 (2.4)% (0.6)%
-------- ------ ----- ---- ---- ----- ------- -------- ---------- --------
MPS Custody 960 (3) 2 (7) (17) (25) 31 966 (2.6)% 0.6%
MPS Platform 2,053 243 297 505 302 1,347 89 3,489 65.6% 69.9%
-------- ------ ----- ---- ---- ----- ------- -------- ---------- --------
MPS total 3,013 240 299 498 285 1,322 120 4,455 43.9% 47.9%
-------- ------ ----- ---- ---- ----- ------- -------- ---------- --------
UKIM discretionary 11,594 234 217 455 209 1,115 273 12,982 9.6% 12.0%
-------- ------ ----- ---- ---- ----- ------- -------- ---------- --------
Funds -
DCF 439 (14) (17) (20) (35) (86) (15) 338 (19.6)% (23.0)%
Funds -
Other 1,418 (20) (24) (14) (37) (95) 47 1,370 (6.7)% (3.4)%
-------- ------ ----- ---- ---- ----- ------- -------- ---------- --------
Funds total 1,857 (34) (41) (34) (72) (181) 32 1,708 (9.7)% (8.0)%
-------- ------ ----- ---- ---- ----- ------- -------- ---------- --------
UKIM total 13,451 200 176 421 137 934 305 14,690 6.9% 9.2%
-------- ------ ----- ---- ---- ----- ------- -------- ---------- --------
International 2,216 (9) (20) (48) (40) (117) 58 2,157 (5.3)% (2.7)%
-------- ------ ----- ---- ---- ----- ------- -------- ---------- --------
Total 15,667 191 156 373 97 817 363 16,847 5.2% 7.5%
-------- ------ ----- ---- ---- ----- ------- -------- ---------- --------
Total investment performance 2.3%
----------------------------------------------------------------------------------- ----------------------
MSCI PIMFA Private Investor Balanced Index(1) 1.6%
----------------------------------------------------------------------------------- ----------------------
(1) Capital-only index.
Notice of Full Year results
The Group intends to issue its preliminary statement of full
year results for the year ended 30 June 2023 on Thursday 14
September 2023.
Enquiries to:
Brooks Macdonald Group plc www.brooksmacdonald.com
Andrew Shepherd, CEO 020 7927 4816
Peel Hunt LLP (Nominated Adviser and
Broker)
Paul Shackleton / Andrew Buchanan / John
Welch 020 7418 8900
FTI Consulting brooksmacdonald@fticonsulting.com
Edward Berry / Katherine Bell 07703 330199 / 07976
870961
Notes to editors
Brooks Macdonald Group plc, through its various subsidiaries,
provides leading investment management services in the UK and
internationally. The Group, which was founded in 1991 and began
trading on AIM in 2005, had discretionary Funds under Management of
GBP16.85 billion as at 30 June 2023.
Brooks Macdonald offers a range of investment management
services to private high net worth individuals, pension funds,
institutions, charities and trusts. The Group also provides
financial planning as well as international investment management,
and acts as fund manager to a range of onshore and international
funds.
The Group has fifteen offices across the UK and Crown
Dependencies including London, Birmingham, Cheltenham, East Anglia,
Exeter, Leeds, Manchester, Nuneaton, Southampton, Tunbridge Wells,
Scotland, Wales, Jersey, Guernsey and Isle of Man.
LEI: 213800WRDF8LB8MIEX37
www.brooksmacdonald.com / @BrooksMacdonald
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