Brooks Macdonald suffered from net outflows in the three months to the end of September, driven by its UK funds business as the firm’s MPS platform continued to grow.
The firm recorded £70m in net outflows at a group level during the period, driven mainly by redemptions in its UK funds business. However, positive investment performance added £79m to its closing funds under management, which rose to £16.9bn. Andrew Shepherd, CEO of Brooks Macdonald, said the net outflows at group level were driven by a volatile macroeconomic backdrop and high interest rates, which he said are leading clients to move towards higher cash holdings, debt repayment and investment into money market funds. Profits slip at Brooks Macdonald despite rising assets and revenue...
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