Brooks Macdonald international arm suffers outflows

UK business in the black as FUM shrinks by 5.2% to £1.6bn

Brooks Macdonald has reported net outflows from its international arm in the year to 30 June 2019, despite positive performance, as a result of losing a client-facing team in summer 2018.

Funds under management (FUM) in the wealth management group's international division shrank by 5.2% to £1.6bn despite strong performance of 4.4%, the group said. In April, Brooks promoted Andrew Shepherd to CEO of the international arm, in an effort to reinvigorate the business. However, the UK investment management arm reported growth in net flows of 5.4%, lifting the FUM to £11.5bn. The Defensive Capital fund has now reached £700m in size as a result of net flows of 17.7%. The managed portfolio service (MPS) was the fastest-growing element of the discretionary business, with MPS sol...