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Web outflows proceed for Brooks Macdonald



Wealth supervisor and Monetary Planner Brooks Macdonald continued to see outflows for the quarter ended 31 March as traders pulled out cash.

Gross inflows of £0.5bn have been outweighed by gross outflows of £0.8bn within the third quarter, leaving total internet outflows of £0.3bn (1.7% of whole funds below administration).

The agency has seen excessive gross outflows for the previous three quarters, with internet outflows for the half ended 31 December reported as £0.2bn.

Brooks attributed the outflows to shopper price of dwelling challenges attributable to excessive rates of interest and inflation and added that it expects to see internet outflows for the complete yr.

Constructive funding efficiency of £0.6bn (3.7%) within the quarter greater than offset internet outflows with group funds below administration ending the quarter at £17.9bn (31 December 2023: £17.6bn).

Nonetheless, funding efficiency of three.7% was barely under the benchmark (MSCI PIMFA Non-public Investor Balanced Index) which elevated by 4.4% over the identical interval. Brooks blamed the distinction in efficiency on its massive variety of purchasers with a decrease danger profile and better allocation to bonds.

Andrew Shepherd, CEO of Brooks Macdonald, mentioned: “As we speak we report that FUM elevated to £17.9 billion over the course of the quarter as markets responded to the enhancing macroeconomic outlook. Now we have additionally seen encouraging flows in our Platform MPS and specialist BPS propositions demonstrating continued demand for our broad product vary.

“Nonetheless, rates of interest are nonetheless excessive, inserting persevering with strain on our purchasers, and we stay targeted on assembly their wants by means of our modern options and glorious shopper service.”

Platform MPS, together with the group’s BM Funding Options providing for monetary advisers, grew to £4.3bn in funds below administration.

Final Autumn Brooks introduced that it could cut back its headcount to chop prices yearly by £4m. The agency axed round 55 jobs, about 10% of its workforce, as a part of the cost-saving measures.

The buying and selling replace mentioned that the strategic evaluate of the agency’s operations was progressing and that it’s going to proceed to understand the associated fee advantages of its organisational modifications for the rest of the yr.




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