We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Customisable watchlists with full streaming quotes from leading exchanges, such as LSE, NASDAQ, NYSE, AMEX, Bovespa, BIT and more.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Brooks | AQSE:BRK.GB | Aquis Stock Exchange | Ordinary Share | GB00B067N833 | Ordinary Shares 1p |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.90 | -0.06% | 1,549.10 | 1,450.00 | 1,650.00 | 1,550.00 | 1,549.10 | 1,550.00 | 415 | 10:10:44 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Dec 2023 to Dec 2024
TIDMBRK
RNS Number : 9084Z
Brooks Macdonald Group PLC
17 January 2024
17 January 2024
BROOKS MACDONALD GROUP PLC
Second Quarter FUM Announcement and Half Year Trading Update
"FUM up 4.3% in the quarter to GBP17.6 billion"
Brooks Macdonald Group plc ("Brooks Macdonald" or "the Group") today publishes an update on its Funds under Management and Advice ("FUM/A") for the second quarter of its financial year, the three months ended 31 December 2023.
Quarterly FUM/A update
During the quarter ended 31 December 2023, the Group delivered robust gross inflows at GBP0.6 billion, up 1.5% on the prior quarter to an annualised rate of 14.0%. Gross outflows were elevated, particularly in BPS and Funds, reaching GBP0.7 billion for the quarter, driven by the prevailing backdrop of market volatility and higher interest rates continuing to affect client behaviour.
This resulted in overall net outflows for the quarter of GBP0.1 billion or 0.6%.
The net outflows were more than offset by positive investment performance in the quarter of 4.9% resulting in the Group's closing Funds Under Management ("FUM") increasing 4.3% to GBP17.6 billion (30 September 2023: GBP16.9 billion).
As at 31 December 2023, the Group had GBP5.2 billion Funds under Management or Advice ("FUM/A") with private clients who deal with the Group directly. GBP4.4 billion related to portfolios in the Group's investment management and GBP0.8 billion to portfolios with third party investment managers.
Highlights for the quarter included:
-- Investment performance for the quarter was positive at 4.9%, in line with the benchmark MSCI PIMFA Private Investor Balanced Index which increased by 5.0% in the period;
-- Platform MPS, including the Group's B2B offering for financial advisers, BM Investment Solutions ("BMIS"), grew to GBP3.9 billion - an increase in the quarter of 7.3%, of which organic net flows contributed 3.3%;
-- BPS experienced net outflows in the quarter of GBP0.1 billion or 1.1%, as clients withdrew funds to repay debt or to hold higher cash balances;
-- Within UK BPS, the recently launched gilts offering generated net new business of 44.7% in the quarter, taking it to c.GBP0.2 billion FUM in its first year, meeting client demand for their portfolios to take advantage of higher interest rates while avoiding equity risk;
-- Total UKIM discretionary FUM increased by 5.0% over the quarter, primarily driven by the rally in markets seen in December 2023.
Half Year trading update
Trading performance in the first half was solid, with total FUM up 4.3%. In parallel, the Group completed the organisational changes announced in October, delivering a full year cost saving of
c.GBP4 million. The cost of the changes was within the previously notified GBP3 million, a non-recurring expense which the Group intends to exclude from its reported underlying profit.
Outlook
The Group expects momentum on gross inflows to continue across the product range in the second half, with the level of both gross outflows and the resulting full year net flows dependent in part on macroeconomic factors.
Following the organisational changes announced in October, the Group expects its full year underlying profit and underlying profit margin to be in line with market expectations.
Andrew Shepherd, CEO of Brooks Macdonald commented:
"I am pleased to report growth of 4.3% in the Group's FUM for the first half of the financial year. This result is a testament to the expertise and hard work of our people who are committed to delivering on our purpose to 'realise ambitions and secure futures' for all our stakeholders.
"During a challenging period for both the economy and financial markets, we continued to see healthy demand across our range of products and services, with GBP0.6 billion of gross inflows during the second quarter. Pleasingly, this included 44.7% organic growth from our recently launched and fast-growing gilt portfolio service.
"These results reflect our capabilities as a Group to deliver what people value - the guidance and reassurance of trusted advice and robust long-term investment management. Given those capabilities and the opportunities we can see ahead, I remain confident in our ability to deliver on the Group's ambitious growth strategy."
Notice of Half Year results
The Group intends to issue its preliminary statement of half year results for the period ended 31 December 2023 on Thursday 7 March 2024.
An analyst meeting will be held at 9.30am on Thursday, 7 March 2024. Please contact Iona Biggart at FTI Consulting on 07971 989065 or e-mail brooksmacdonald@fticonsulting.com for further details.
Analysis of FUM net flows by service over the quarter
Hot Features
Premium
Quarter to 31 December 2023 (GBPm)
Opening Organic Investment Closing Organic Total
FUM net new performance FUM net new mvmt
1 Oct 23 business in the period 31 Dec business
23
---------- ---------- --------------- -------- ---------- -------
BPS 8,444 (94) 462 8,812 (1.1)% 4.4%
---------- ---------- --------------- -------- ---------- -------
MPS Custody 957 (21) 34 970 (2.2)% 1.4%
---------- ---------- --------------- -------- ---------- -------
MPS Platform 3,662 121 147 3,930 3.3% 7.3%
---------- ---------- --------------- -------- ---------- -------
MPS total 4,619 100 181 4,900 2.2% 6.1%
---------- ---------- --------------- -------- ---------- -------
UKIM discretionary 13,063 6 643 13,712 0.0% 5.0%
---------- ---------- --------------- -------- ---------- -------
Funds - DCF 317 (23) 13 307 (7.3)% (3.2)%
---------- ---------- --------------- -------- ---------- -------
Funds - Other 1,324 (48) 69 1,345 (3.6)% 1.6%
---------- ---------- --------------- -------- ---------- -------
Funds total 1,641 (71) 82 1,652 (4.3)% 0.7%
---------- ---------- --------------- -------- ---------- -------
UKIM total 14,704 (65) 725 15,364 (0.4)% 4.5%
---------- ---------- --------------- -------- ---------- -------
International 2,152 (33) 96 2,215 (1.5)% 2.9%
---------- ---------- --------------- -------- ---------- -------
Total 16,856 (98) 821 17,579 (0.6)% 4.3%
---------- ---------- --------------- -------- ---------- -------
Total investment performance 4.9%
----------------------------------------------------------------------- -------------------
MSCI PIMFA Private Investor Balanced Index(1) 5.0%
----------------------------------------------------------------------- -------------------
(1) Capital-only index.
Analysis of FUM net flows by service over the half year
Six months to 31 December 2023 (GBPm)
Opening Organic net new business Total Closing Organic Total
FUM Inv. FUM net new mvmt
Perf. business
-------- ----------------------------- ------- -------- ---------- -------
1 Jul Q1 Q2 Total YTD 31 Dec YTD YTD
23 YTD 23
-------- --------- -------- -------- ------- -------- ---------- -------
BPS 8,527 (98) (94) (192) 477 8,812 (2.3)% 3.3%
-------- --------- -------- -------- ------- -------- ---------- -------
MPS Custody 966 (14) (21) (35) 39 970 (3.6)% 0.4%
-------------------- -------- --------- -------- -------- ------- -------- ---------- -------
MPS Platform 3,489 147 121 268 173 3,930 7.7% 12.6%
-------- --------- -------- -------- ------- -------- ---------- -------
MPS total 4,455 133 100 233 212 4,900 5.2% 10.0%
-------- --------- -------- -------- ------- -------- ---------- -------
UKIM discretionary 12,982 35 6 41 689 13,712 0.3% 5.6%
-------- --------- -------- -------- ------- -------- ---------- -------
Funds - DCF 338 (26) (23) (49) 18 307 (14.5)% (9.2)%
-------------------- -------- --------- -------- -------- ------- -------- ---------- -------
Funds - Other 1,370 (52) (48) (100) 75 1,345 (7.3)% (1.8)%
-------- --------- -------- -------- ------- -------- ---------- -------
Funds total 1,708 (78) (71) (149) 93 1,652 (8.7)% (3.3)%
-------- --------- -------- -------- ------- -------- ---------- -------
UKIM total 14,690 (43) (65) (108) 782 15,364 (0.7)% 4.6%
-------- --------- -------- -------- ------- -------- ---------- -------
International 2,157 (27) (33) (60) 118 2,215 (2.8)% 2.7%
-------- --------- -------- -------- ------- -------- ---------- -------
Total 16,847 (70) (98) (168) 900 17,579 (1.0)% 4.3%
-------- --------- -------- -------- ------- -------- ---------- -------
Total investment performance 5.3%
-------------------------------------------------------------------------------------------- ---------
MSCI PIMFA Private Investor Balanced Index(1) 5.6%
-------------------------------------------------------------------------------------------- ---------
(1) Capital-only index.
Analysis of FUM gross flows by service over the half year
Organic gross inflows Q2 vs Organic gross outflows Q2 vs
Q1 Q1
Q1 Q2 Total Inc/(dec) Q1 Q2 Total Inc/(dec)
YTD % YTD %
------ -------- -------- --------- ------- ------- -------- -----------
BPS 192 173 365 (9.9)% (290) (267) (557) (7.9)%
------ -------- -------- --------- ------- ------- -------- -----------
MPS Custody 15 15 30 - (29) (36) (65) 24.1%
-------------------- ------ -------- -------- --------- ------- ------- -------- -----------
MPS Platform 276 317 593 14.9% (129) (196) (325) 51.9%
------ -------- -------- --------- ------- ------- -------- -----------
MPS total 291 332 623 14.1% (158) (232) (390) 46.8%
------ -------- -------- --------- ------- ------- -------- -----------
UKIM discretionary 483 505 988 4.6% (448) (499) (947) 11.4%
------ -------- -------- --------- ------- ------- -------- -----------
Funds - DCF 12 7 19 (41.7)% (38) (30) (68) (21.1)%
-------------------- ------ -------- -------- --------- ------- ------- -------- -----------
Funds - Other 43 45 88 4.7% (95) (93) (188) (2.1)%
------ -------- -------- --------- ------- ------- -------- -----------
Funds total 55 52 107 (5.5)% (133) (123) (256) (7.5)%
------ -------- -------- --------- ------- ------- -------- -----------
UKIM total 538 557 1,095 3.5% (581) (622) (1,203) 7.1%
------ -------- -------- --------- ------- ------- -------- -----------
International 44 34 78 (22.7)% (71) (67) (138) (5.6)%
------ -------- -------- --------- ------- ------- -------- -----------
Total 582 591 1,173 1.5% (652) (689) (1,341) 5.7%
------ -------- -------- --------- ------- ------- -------- -----------
Enquiries to:
Brooks Macdonald Group plc www.brooksmacdonald.com Andrew Shepherd, CEO 020 7927 4816 Andrea Montague, Chief Financial Officer Singer Capital Markets (Nominated Adviser and Joint Broker) Charles Leigh-Pemberton / James Moat 020 7496 3000 Investec Bank plc (Joint Broker) Bruce Garrow / David Anderson 020 7597 4000 FTI Consulting brooksmacdonald@fticonsulting.com Edward Berry 07703 330199
Notes to editors
Brooks Macdonald Group plc, through its various subsidiaries, provides leading wealth 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 GBP17.6 billion as at 31 December 2023.
Brooks Macdonald offers outsourced discretionary investment management for intermediaries and advice-led integrated wealth management for private clients. The Group also acts as fund manager to a range of onshore and international funds.
The Group has fourteen offices across the UK and Crown Dependencies including London, Birmingham, East Anglia, Exeter, Leeds, Manchester, Nuneaton, Southampton, Tunbridge Wells, Scotland, Wales, Jersey, Guernsey and Isle of Man.
LEI: 213800WRDF8LB8MIEX37
www.brooksmacdonald.com / @BrooksMacdonald
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
TSTGPUPGGUPCGRQ
(END) Dow Jones Newswires
January 17, 2024 02:00 ET (07:00 GMT)
1 Year Brooks Chart |
1 Month Brooks Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
