Wealth supervisor and Monetary Planner Brooks Macdonald has reported a dip in web flows to £0.1bn for the second quarter ended 30 June.
This compares with web flows of £0.4bn for the earlier quarter.
Web flows for the newest quarter had been boosted by the wealth supervisor’s platform MPS.
The platform MPS noticed web new enterprise of £285m over the quarter, taking funds beneath administration for the platform to £4.45bn at 30 June.
Whole funds beneath administration for the group had been £16.85bn (31 March: £16.79bn) at 30 June.
For the monetary 12 months which ended on 30 June, Brooks Macdonald noticed optimistic web flows of £0.8bn. Funding efficiency contributed £0.4bn, resulting in an total progress of seven.5% within the agency’s closing funds beneath administration.
The wealth supervisor stated its pipeline for the approaching monetary 12 months was wholesome, but it surely expects to see investor sentiment remaining subdued and markets persevering with to be unsure.
Andrew Shepherd, CEO of Brooks Macdonald, stated: “I’m happy to report one other quarter of optimistic web flows, notably inside our Platform MPS providing, with annualised web flows of 38% within the quarter. Towards a backdrop of unstable markets and rate of interest rises, our web flows remained optimistic all year long, with the natural FUM progress charge growing to five.2% (FY22: 4.8%), contributing to an total progress in FUM of seven.5%.
“We proceed to make regular and inspiring progress in opposition to our technique, led by robust natural progress pushed by the worth shoppers place on top quality monetary recommendation. This progress exemplifies the resilience of our organisation and our collective drive to ship long run sustainable outcomes via the execution of our technique, underpinned by the unrelenting dedication of our folks to our shoppers and intermediaries.”
The corporate has grown quickly organically and thru acquisition lately.
In September it added £350m in belongings and 650 shoppers with the acquisition of Manchester specialist adviser agency Adroit Monetary Planning.
Brooks Macdonald will subject its full 12 months outcomes for the 12 months ended 30 June on Thursday 14 September.