TIDMBRK
RNS Number : 5117V
Brooks Macdonald Group PLC
15 April 2021
15 April 2021
BROOKS MACDONALD GROUP PLC
Quarterly Announcement of Funds under Management
"Positive net flows in UK Investment Management underline
continued strategic momentum"
Brooks Macdonald Group plc ("Brooks Macdonald" or the "Group")
today publishes a n update on Funds under Management ("FUM") for
its third quarter ended 31 March 2021 .
Total FUM increased 0.9% in the quarter, ending the period at
GBP15.6 billion (31 December 2020: GBP15.5 billion) as strategic
momentum continued to build from the first half. The increase was
driven by positive net flows in UK Investment Management ("UKIM"),
particularly in the Managed Portfolio Service ("MPS"), as well as
further positive investment performance.
-- UKIM had its best quarter of the financial year to date
across all its core offerings, delivering net inflows of 0.3%
-- In UKIM discretionary, MPS had strong positive net flows of
7.1%, driven in particular by Investment Solutions and Platform
MPS. Bespoke Portfolio Service ("BPS") net flows continued to
improve despite the ongoing challenges of operating remotely, with
specialist products performing strongly
-- Funds saw net flows of (3.4)%, driven predominantly by the
Defensive Capital Fund which continued to reflect negative trends
in the Targeted Absolute Return sector, although outflows were
lower than in the prior two quarters
-- International experienced increased outflows in the quarter,
with net flows of (3.1)%. The reinvigoration of the business and
integration of the Lloyds Channel Islands acquisition continued to
make progress and medium-term prospects remain positive
-- Q3 investment performance was 1.1%, compared to the benchmark
MSCI PIMFA Private Investor Balanced Index at 1.6%. For the
financial year to date, investment performance was 10.8%, ahead of
the benchmark index which was up 8.2%.
The Group's focus on delivering for intermediaries and clients
throughout the pandemic has generated a strong and growing
pipeline, and the Group continues to expect total net flows to be
modestly positive in H2.
Caroline Connellan, CEO of Brooks Macdonald commented:
"It has been another quarter of delivery against our strategy
evidenced by good performance in our core UKIM business, the
continued positive trend in overall net flows, and a healthy
pipeline. This momentum is testament to our people and I am once
again grateful to them for their relentless commitment to
delivering for intermediaries and clients in challenging
circumstances. We remain on track to achieve full year expectations
and we are well positioned to continue delivering sustainable,
value-enhancing growth."
Analysis of fund flows by service over the period
Quarter to 31 March 2021 (GBPm)
Opening Organic Investment Closing Organic Total
FUM net new performance FUM net new mvmt
1 Jan 21 business in the period 31 Mar 21 business
---------- ---------- --------------- ----------- ---------- -------
BPS 8,910 (26) 134 9,018 (0.3)% 1.2%
---------- ---------- --------------- ----------- ---------- -------
MPS 1,962 139 28 2,129 7.1% 8.5%
---------- ---------- --------------- ----------- ---------- -------
UKIM discretionary 10,872 113 162 11,147 1.0% 2.5%
---------- ---------- --------------- ----------- ---------- -------
Funds - DCF 509 (41) 12 480 (8.1)% (5.7)%
---------- ---------- --------------- ----------- ---------- -------
Funds - Other 1,536 (28) 15 1,523 (1.8)% (0.8)%
---------- ---------- --------------- ----------- ---------- -------
Funds total 2,045 (69) 27 2,003 (3.4)% (2.1)%
---------- ---------- --------------- ----------- ---------- -------
UKIM total 12,917 44 189 13,150 0.3% 1.8%
---------- ---------- --------------- ----------- ---------- -------
International 2,586 (79) (19) 2,488 (3.1)% (3.8)%
---------- ---------- --------------- ----------- ---------- -------
Total 15,503 (35) 170 15,638 (0.2)% 0.9%
---------- ---------- --------------- ----------- ---------- -------
Total investment performance 1.1%
-------------------------------------------------------------------------- -------------------
MSCI PIMFA Private Investor Balanced Index(1) 1.6%
-------------------------------------------------------------------------- -------------------
Nine months to 31 March 2021 (GBPm)
Opening Organic Organic Organic FUM acquired Inv. Closing Total Total
FUM net new net new net new in the Perf. FUM organic mvmt
1 Jul business business business period(2) in the 31 Mar net new
20 Q1 Q2 Q3 period 21 business
-------- ---------- --------- --------- ------------ -------- -------- ---------- --------
BPS 8,247 (119) (43) (26) - 959 9,018 (2.3)% 9.3%
-------- ---------- --------- --------- ------------ -------- -------- ---------- --------
MPS 1,809 (81) 40 139 - 222 2,129 5.4% 17.7%
-------- ---------- --------- --------- ------------ -------- -------- ---------- --------
UKIM
discretionary 10,056 (200) (3) 113 - 1,181 11,147 (0.9)% (10.8)%
-------- ---------- --------- --------- ------------ -------- -------- ---------- --------
Funds -
DCF 617 (73) (74) (41) - 51 480 (30.5)% (22.2)%
-------- ---------- --------- --------- ------------ -------- -------- ---------- --------
Funds -
Other 1,434 (27) (10) (28) - 154 1,523 (4.5)% 6.2%
-------- ---------- --------- --------- ------------ -------- -------- ---------- --------
Funds total 2,051 (100) (84) (69) - 205 2,003 (12.3)% (2.3)%
-------- ---------- --------- --------- ------------ -------- -------- ---------- --------
UKIM total 12,107 (300) (87) 44 - 1,386 13,150 (2.8)% 8.6%
-------- ---------- --------- --------- ------------ -------- -------- ---------- --------
International 1,578 39 (19) (79) 882 87 2,488 (3.7)% 57.7%
-------- ---------- --------- --------- ------------ -------- -------- ---------- --------
Total 13,685 (261) (106) (35) 882 1,473 15,638 (2.9)% 14.3%
-------- ---------- --------- --------- ------------ -------- -------- ---------- --------
Total investment performance 10.8%
---------------------------------------------------------------------------------------------- --------------------
MSCI PIMFA Private Investor Balanced Index(1) 8.2%
---------------------------------------------------------------------------------------------- --------------------
(1) Capital-only index.
(2) Closing FUM of the acquired Lloyds Bank International's
Channel Islands wealth management and funds business at the
completion date, 30 November 2020.
Enquiries to:
Brooks Macdonald Group plc www.brooksmacdonald.com
Caroline Connellan, CEO 020 7659 3492
Ben Thorpe, Group Finance Director
Peel Hunt LLP (Nominated Adviser and Broker)
Rishi Shah / John Welch 020 7418 8900
FTI Consulting brooksmacdonald@fticonsulting.com
Ed Berry / Laura Ewart / Katherine Bell 07703 330199 / 07711
387085 / 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
GBP15.6 billion as at 31 March 2021.
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 twelve offices across the UK and the Channel
Islands including London, East Anglia, Hampshire, Leamington Spa,
Leeds, Manchester, Taunton, Tunbridge Wells, Scotland, Wales,
Jersey and Guernsey.
LEI: 213800WRDF8LB8MIEX37
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