BROOKS MACDONALD GROUP
PLC
Quarterly Flows and FUM
update and Intention to Move to the Main Market
Brooks Macdonald Group plc ("Brooks Macdonald"
or the "Group") today announces flows and funds under management
("FUM") for the quarter ended 31 December 2024 and its intention to
move from AIM to the London Stock Exchange's Main
Market.
Andrea Montague, CEO of Brooks Macdonald
commented:
"This is Brooks Macdonald's strongest quarter
of gross inflows for 18 months, driven by the quality of our
service, the scope of products tailored to meet clients' needs, and
our strong investment performance.
While outflows remained
elevated in the quarter, we are taking actions to
improve asset retention as well as driving new business growth.
Additionally, we continue to scale and enhance our
financial planning expertise, including most recently through the
acquisitions of LIFT, Lucas Fettes and CST Wealth
Management. We remain focused on the execution
of our strategy to reignite growth, serving our clients well,
reaching more clients, and delivering value for our clients,
shareholders and employees.
I am pleased to announce the Board's intention
to transition Brooks Macdonald from AIM to the Main Market. This
move will further enhance the Group's corporate profile and extend
the opportunity to own its ordinary shares to a broader group of
investors."
Flows and Funds under Management
·
Total Funds under Management of £17.9bn at 31
December 2024 (30 September 2024: £17.9bn1, 30 June
2024: £17.8bn1). Total FUM excluding BMI of £15.7bn at
31st December 2024 (30 September 2024: £15.6bn, 30 June
2024 £15.5bn).
·
Gross inflows excluding BMI were robust in the 3
months to 31 December at £579m. These were offset by £(730)m of
gross outflows. Net outflows in the quarter totalled £(151)m,
equivalent to (1.0)% of opening FUM.
·
Net inflows to our MPS Platform
business2 were encouraging at £146m, representing
annualised organic net flows in the quarter of 13% of opening FUM,
continuing the strong growth in the prior quarter.
·
Investment performance contributed £0.2bn towards
FUM in the quarter against a mixed market background.
Trading
update
· The
Group anticipates its full year performance will be in line with
its expectations and expects a return to positive net flows later
in the year.
Intention to
move from AIM to the Main Market
Brooks Macdonald announces today its intention
to apply to the Financial Conduct Authority for the Group's
ordinary shares to be admitted to the Equity Shares (Commercial
Companies) segment of the Official List and to trading on the Main
Market of the London Stock Exchange ("Admission").
Since being founded in 1991 and listing on AIM
in 2005, the Group has demonstrated a strong commercial and
financial track record, scaled shareholder returns and built a
broad and supportive shareholder base. The Board considers that
Admission would further enhance the Group's corporate profile, as
well as extending the opportunity to own its ordinary shares to a
broader group of investors.
Brooks Macdonald does not intend to raise any
funds or offer any new shares in connection with the Admission or
the publication of the related prospectus. The Admission will be
effected through an introduction of the Company's existing ordinary
shares and is expected to occur no earlier than 4 March 2025 and by
31 March 2025, at which time the Group's listing on AIM is expected
to be cancelled. Accordingly, the Group hereby gives notice of the
intended cancellation of trading of its ordinary shares on AIM in
accordance with Rule 41 of the AIM Rules for Companies.
Admission is subject to the approval by the FCA
of a prospectus and the ordinary shares being admitted by the FCA
to the Official List and by the London Stock Exchange to trading on
the Main Market. Admission is not conditional upon shareholder
approval. Shareholders should note that the Group's shares will no
longer be traded on AIM with effect from Admission and should
consult their own professional advisers regarding the consequences
of Admission.
Brooks Macdonald will make a further
announcement in due course.
Enquiries:
Investors
Brooks
Macdonald Group plc
Andrea Montague, CEO
Katherine Jones, CFO
Alexander Holcroft, Interim Director of
Investor Relations
Phone: +44 (0)7418 923 061
Email:
alexander.holcroft@brooksmacdonald.com
|
Singer Capital
Markets (Nominated Adviser and Joint Broker)
|
|
Charles Leigh-Pemberton / James Moat
|
+44 (0)20 7496 3000
|
|
|
|
|
Investec Bank
plc (Joint Broker and Sponsor in connection with
Admission)
|
|
Christopher Baird / David Anderson
|
+44 (0)20 7597
5970
|
|
|
|
|
Teneo (Media
Enquiries)
|
|
Misha Bayliss
|
+44 (0) 20 74275465
|
|
Oscar Burnett
|
+44 (0) 20 74275435
|
|
Email: brooksmacdonald@teneo.com
|
|
Net flows by service for the
quarter ended 31 December
20241
|
Quarter ended 31 December 2024 (£m)
|
|
|
Opening FUM as
at
1 Oct 24
|
Organic net
flows
|
Investment
performance
|
Closing FUM as
at
31 Dec 24
|
Organic net flows as % of
opening FUM
|
Movement in
FUM
|
|
BPS
|
8,835
|
(232)
|
79
|
8,682
|
(2.6)%
|
(1.7)%
|
|
MPS Custody
|
961
|
(26)
|
10
|
945
|
(2.7)%
|
(1.7)%
|
|
MPS Platform
|
4,554
|
146
|
73
|
4,773
|
3.2%
|
4.8%
|
|
MPS
total
|
5,515
|
120
|
83
|
5,718
|
2.2%
|
3.7%
|
|
Funds
|
1,286
|
(39)
|
11
|
1,258
|
(3.0)%
|
(2.2)%
|
|
UK
total
|
15,636
|
(151)
|
173
|
15,658
|
(1.0)%
|
0.1%
|
|
International
|
2,271
|
(43)
|
46
|
2,274
|
(1.9)%
|
0.1%
|
|
Total
|
17,907
|
(194)
|
219
|
17,932
|
(1.1)%
|
0.1%
|
Net
flows by service for the six months ended 31 December
20241
|
Six
months ended 31 December 2024 (£m)
|
|
|
Opening FUM as
at
1 Jul 24
|
Organic net
flows
|
Total YTD investment
performance
|
Closing FUM as
at
31 Dec 24
|
Organic net flows as % of
opening FUM
|
Movement in
FUM
|
|
Q1
|
Q2
|
Total YTD
|
|
BPS
|
8,880
|
(176)
|
(232)
|
(408)
|
210
|
8,682
|
(4.6)%
|
(2.2%)
|
|
MPS Custody
|
974
|
(26)
|
(26)
|
(52)
|
23
|
945
|
(5.3)%
|
(3.0%)
|
|
MPS Platform
|
4,367
|
142
|
146
|
288
|
118
|
4,773
|
6.6%
|
9.3%
|
|
MPS
total
|
5,341
|
116
|
120
|
236
|
141
|
5,718
|
4.4%
|
7.1%
|
|
Funds
|
1,323
|
(51)
|
(39)
|
(90)
|
25
|
1,258
|
(6.8)%
|
(4.9)%
|
|
UK
total
|
15,544
|
(111)
|
(151)
|
(262)
|
376
|
15,658
|
(1.7)%
|
0.7%
|
|
International
|
2,262
|
(16)
|
(43)
|
(59)
|
71
|
2,274
|
(2.6)%
|
0.5%
|
|
Total
|
17,806
|
(127)
|
(194)
|
(321)
|
447
|
17,932
|
(1.8)%
|
0.7%
|
Analysis of FUM gross flows by service in the quarters ending
30 September and 31 December 20241
|
|
Q1 FY25
3 months ended 30
Sept
|
Q2 FY25
3 months ended 31
Dec
|
|
Gross
inflows
|
Gross
outflows
|
Net flows
|
Gross
inflows
|
Gross
outflows
|
Net flows
|
|
BPS
|
160
|
(336)
|
(176)
|
166
|
(398)
|
(232)
|
|
MPS Custody
|
14
|
(40)
|
(26)
|
12
|
(38)
|
(26)
|
|
MPS Platform
|
311
|
(169)
|
142
|
317
|
(171)
|
146
|
|
MPS
total
|
325
|
(209)
|
116
|
329
|
(209)
|
120
|
|
Funds
|
43
|
(94)
|
(51)
|
84
|
(123)
|
(39)
|
|
UK
total
|
528
|
(639)
|
(111)
|
579
|
(730)
|
(151)
|
|
International
|
52
|
(68)
|
(16)
|
51
|
(94)
|
(43)
|
|
Total
|
580
|
(707)
|
(127)
|
630
|
(824)
|
(194)
|
1 All FUM numbers
exclude the Defensive Capital Fund ("DCF"). The transfer of the
investment management of DCF to RM Capital Markets Limited
completed in November 2024. The DCF closing FUM at completion date
was of £133.5 million.
2 Includes Brooks
Macdonald Investment Solutions ("BMIS"), the Group's B2B offering
for financial advisers.
Notes to
editors
About Brooks
Macdonald
Brooks Macdonald Group plc is a
leading provider of wealth management services in the
UK.
Proudly
serving clients since 1991 and trading
on AIM since 2005, Brooks Macdonald is independent,
financially strong, and aims to deliver strong and consistent
investment performance for clients to meet their financial
objectives. The company's broad and diverse product range means that clients get solutions made just for
them and allows Brooks Macdonald to support clients throughout
their entire lives as needs and circumstances change. The
company is recognised as an innovator in the industry having been
amongst the first to develop and launch key products such as
Managed Portfolio Service (MPS) and bespoke income
solutions.
Realising Ambitions. Securing
Futures. We are Brooks Macdonald.
Forward-looking
statements
This announcement may include
statements, beliefs or opinions that are, or may be deemed to be,
"forward-looking statements". These forward-looking statements may
be identified by the use of forward-looking terminology, including
the terms "believes", "estimates", "plans", "projects",
"anticipates", "targets", "aims", "continues", "expects",
"intends", "hopes", "may", "will", "would", "could" or "should" or,
in each case, their negative or other variations or comparable
terminology, or by discussions of strategy, plans, objectives,
goals, future events or intentions. No representation or warranty
is made that any of these statements or forecasts will come to pass
or that any forecast results will be achieved. Forward-looking
statements may and often do differ materially from actual results.
Any forward-looking statements contained in the announcement speak
only as of their respective dates, reflect Brooks Macdonald's
current view with respect to future events and are subject to risks
relating to future events and other risks, uncertainties and
assumptions relating to Brooks Macdonald's business, results of
operations, financial position, liquidity, prospects, growth and
strategies.
Except as required by any applicable
law or regulation, Brooks Macdonald expressly disclaims any
obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements contained in this
announcement or any other forward-looking statements it may make
whether as a result of new information, future developments or
otherwise.
Investec Bank plc ("Investec") is
authorised by the Prudential Regulation Authority (the "PRA") and
regulated in the United Kingdom by the PRA and the Financial
Conduct Authority (the "FCA"). Investec is acting exclusively for
Brooks Macdonald and no one else in connection with Admission, the
contents of this announcement or any other matters described in
this announcement. Investec will not regard any other person as its
client in relation to Admission, the content of this announcement
or any other matters described in this announcement and will not be
responsible to anyone other than Brooks Macdonald for providing the
protections afforded to its clients or for providing advice to any
other person in relation to Admission, the content of this
announcement or any other matters referred to in this announcement.
This announcement has been issued by and is the sole responsibility
of Brooks Macdonald. No representation or warranty, express or
implied, is or will be made as to, or in relation to, and no
responsibility or liability is or will be accepted by Investec or
by any of its, subsidiaries, branches or affiliates, or any person
acting on its or their respective behalf's as to, or in relation
to, the accuracy or completeness of this announcement or any other
written or oral information made available to or publicly available
to any interested party or its advisers, and any liability
therefore is expressly disclaimed.
LEI:
213800WRDF8LB8MIEX37
www.brooksmacdonald.com
/ @BrooksMacdonald