Wealth manager and Financial Planner Brooks Macdonald has reported an eighth successive quarter of positive net flows for the quarter ended 31 March.
Net flows remained positive at £0.4bn, which the company said was driven by its platform MPS.
The MPS platform saw a 19.2% increase in net new business and a 20.7% increase in funds under management to £3.18bn.
The wealth manager saw a 3.5% increase in funds under management for the quarter, ending the period at £16.8bn. This is 7.2% ahead of the group total at the beginning of its financial year (30 June 2022: £15.7bn).
Andrew Shepherd, CEO of Brooks Macdonald, said: “I am delighted to report another strong quarter for Brooks Macdonald, despite market conditions, with net flows reaching a level last seen five years ago, demonstrating the ongoing success of our strategy in action. I am grateful to our clients, our network of intermediaries, and in particular our people, whose commitment and focus on our clients make these results possible.”
Revenue dipped by 4.8% to £58.9m (H1 FY22: £61.9 million) due to volatile markets, lower transaction-related revenues and the repricing of its Cornelian Risk Managed Fund range.
Pre-tax profit fell to £14.5m compared to £17.6m in the same period last year. The underlying profit margin was 24.6% (H1 FY22: 28.4%).
Despite the dip in revenue and profit the company said it had seen, “solid financial performance with continuing organic growth.”
The company has grown rapidly organically and through acquisition in recent years. In September it added £350m in assets and 650 clients with the acquisition of Manchester specialist adviser firm Adroit Financial Planning.
