Brooks Macdonald Sees In-Line Profit as Funds Under Management Rise

By Elena Vardon

Brooks Macdonald Group said it expects momentum on gross inflows to continue across its products over the second half of fiscal 2024 as it posted a rise in funds under management for the second quarter.

The U.K. asset manager on Wednesday said that the level of gross outflows and resulting net inflows for the year depend partly on macroeconomic factors. It added that it sees full-year underlying profit and underlying profit margin in line with market expectations.
The London-listed group posted funds under management as at Dec. 31 of 17.58 billion pounds ($22.21 billion), an increase compared to three months prior when they stood at GBP16.86 billion.
The rise in funds over the quarter was driven by positive investment performance, which more than offset net outflows of GBP0.1 billion, it added.
“During a challenging period for both the economy and financial markets, we continued to see healthy demand across our range of products and services,” Chief Executive Andrew Shepherd said.
The company completed its previously announced organizational changes–the cost of which was within the GBP3 million estimated–saving around GBP4 million for the year, it said.
Write to Elena Vardon at elena.vardon@wsj.com