Brooks Macdonald sees increase in new business despite 'challenging' December

Half-year results

Brooks Macdonald saw an increase in net new business of 1.9% in the second half of 2018 despite December being "a challenging month", its half year results show.

The AIM-listed firm said it saw "solid" net new business of £241m with UK Investment Management maintaining "a good rate of organic growth" at 3.6% in its half-year results, published today (14 March). However, funds under management (FUM) were down 4.5% from £12.4bn on 30 June to £11.9bn on 31 December, driven by investment performance, which was down £799m. This is above the £11.7bn in funds under management seen at the end of 2017. Revenue was up 7.7% over the six months, having surpassed £100m in H1 last year, while fee income continued to grow on the back of higher fee revenue yi...