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Brooks Macdonald asset growth slows
by David Campbell on Oct 18, 2013 at 07:34
Assets under management at Brooks Macdonald rose 5.2% over the three months to the end of September to reach a total £5.37 billion, primarily driven by new inflows of £170 million.
Performance added a further £102 million over the period, while advisory assets rose 1.7% to reach a total £354 million.
While a direct comparison between quarterly and 12 month figures is difficult, that is nonetheless a relative slowdown from the 45% rate of annual growth in assets reported over the year to June.
‘We remain confident in our ability to grow funds under management and, remain optimistic about the opportunities for the group,’ said chief executive Chris Macdonald.
‘We are particularly pleased to report that Brooks Macdonald International achieved strong growth in discretionary funds under management in the quarter, in line with our expectation that it would start to grow this year following its integration.
‘We are confident that its growth will continue over the course of the year driven by its bespoke portfolio service, advisory services and retirement advice business and later this year through the launch of an offshore managed portfolio service.’
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