Brooks Macdonald Group has reported an increase in funds under management for fiscal 2024, with investment performance compensating for outflows. As of June 30, the asset manager’s funds totaled £18.03 billion ($23.39 billion), marking a 0.6% rise from the previous quarter and a 7.0% increase from the beginning of the fiscal year.
The U.K.-based firm noted that a positive investment performance of £255 million more than offset net outflows of £154 million during the quarter. Chief Executive Andrew Shepherd commented on the situation, acknowledging sustained high outflows but expressing optimism due to a more stable political environment, lower inflation rates, and the likelihood of interest rate reductions, which are expected to moderate outflows in the future.
For the fiscal year, Brooks Macdonald reported net outflows of £616 million, or 3.7%, aligning with earlier guidance. The company highlighted solid trading performance in the second half of the fiscal year. It is scheduled to announce its fiscal 2024 results on September 12, anticipating results to be in line with market expectations, although specific figures were not disclosed.
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