Business
Trading Update and Quarterly Announcement of FUM
Trading Update and Quarterly Announcement of FUM.
About this update from Brooks Macdonald Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 1395T\n Brooks Macdonald Group PLC\n 16 July 2020\n \n \n \n \n \n 16 July \n \n \n 2020\n \n \n \n \n \n \n BROOKS MACDONALD GROUP PLC\n \n \n \n \n \n Quarterly Trading Update and Announcement of Funds under Management\n \n \n \n \n \n \"Strong investment performance and improving flows driving growth in FUM\"\n \n \n \n \n \n Brooks\n \n Macdonald\n \n Group\n \n plc\n \n (\"Brooks Macdonald\" or the\n \n \"Group\")\n \n today\n \n publishes\n an \n update on \n Funds under Management (\"FUM\") for the fourth quarter of its financial year (ended 30 June 2020), \n together with a\n \n Trading Update for the period\n .\n \n \n \n \n \n Trading Update\n \n \n \n \n \n The Group had a positive fourth quarter, building on its strong client and adviser relationships despite the market volatility and economic uncertainty caused by the outbreak of COVID-19. The Group's progress in executing its strategy and ongoing cost discipline have put it on track to meet expectations for the year. Accordingly, the Group is maintaining the guidance given in its Q3 Trading Update, that it anticipates delivering a good full year result, ahead of last year's in terms of both underlying profit and underlying profit margin.\n \n \n \n \n \n In the period, the Group was successful in transitioning rapidly to a new operating model based on remote working following the outbreak of COVID-19. Brooks Macdonald was able to continue to support clients and advisers through volatile markets while ensuring the safety and wellbeing of its staff.\n \n \n \n \n \n In June, the Group announced the acquisition of Lloyds Bank International's Channel Islands wealth management and funds business adding up to c.£1.0 billion in FUM to the International business. The acquisition is expected to complete during the first half of the current financial year and represents another significant step forward for the Group in achieving its growth ambitions. Integration of the Cornelian business, whose acquisition by the Group completed in February, is progressing to plan with the business now successfully embedded into Brooks Macdonald, and the target FY21 cost synergies of £3.75 million expected to be met...