Business
Notice of Full Year results
Notice of Full Year results.
About this update from Brooks Macdonald Group Plc
[{"type":"text","content":"\n\n13 July 2023\n \nBROOKS MACDONALD GROUP PLC\n \nQuarterly Announcement of Funds under Management and Trading Update\n \nNotice of Full Year results\n \n\"Positive net flows in Q4 leading to full year growth in Group FUM of 7.5%\"\n \nBrooks Macdonald Group plc (\"Brooks Macdonald\" or the \"Group\") today publishes a trading update and its quarterly announcement of Funds under Management (\"FUM\") for the fourth quarter of its financial year ended 30 June 2023.\n \nQuarterly Announcement of Funds under Management\nThe Group recorded positive net flows in the quarter of £0.1bn or 0.6%. This was partly offset by the impact of declining markets, resulting in closing FUM of £16.85bn (31 March 2023: £16.79bn). Highlights in the quarter included:\n· UKIM discretionary delivered net inflows in the quarter of £0.2 billion, with overall FUM increasing by 1.5% in the quarter. Platform MPS and, within that, the Group's B2B offering BM Investment Solutions (\"BMIS\"), had another strong quarter, with combined annualised net flows of 38.0%.\n· Investment performance for the quarter was marginally negative at (0.3)%, slightly ahead of the MSCI PIMFA Private Investor Balanced Index.\n \n· Prevailing market conditions and higher interest rates continue to affect investor sentiment with increased trends towards higher cash holdings, debt repayment and investment in money market funds in the short term.\n \nTrading Update\nFor the financial year ended 30 June 2023, the Group achieved positive net flows of £0.8bn or 5.2%, in line with guidance and ahead of the rate achieved in FY22 of 4.8%. Investment performance contributed £0.4bn, leading to an overall growth in the Group's closing FUM of 7.5% from the start of the financial year (30 June 2022: £15.67bn).\nTrading performance in the second half was solid, and the Group anticipates its full year results to be in line with current market expectations.\nThe pipeline for FY24 is healthy, but we expect to see investor sentiment remaining subdued while markets continue to be uncertain in the near term.\nAndrew Shepherd, CEO of Brooks Macdonald commented:\n\"I am pleased to report another quarter of positive net flows, particularly within our Platform MPS offering, with annualised n...