Brooks Macdonald assets hit by market falls

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Brooks Macdonald lost £263m on its investments in the three months to the end of September, its latest results reveal.

The wealth management firm saw its discretionary funds under management total £7.3bn, down from the £7.4bn seen at the start of July. Net new business flows of £180m helped to counteract some of the market losses.

Brooks Macdonald chief executive Chris Macdonald says investment performance was “weak” in the quarter.

He says: “However we are pleased that new business is robust and demand for our risk-rated investment solutions from both professional intermediaries and private clients continue to gain traction.”

The group’s Braemar Estates property business also saw a drop in assets, from £1.14bn at the end of June to £1.07bn at the end of September.

Brooks Macdonald has been in growth mode this year, launching five additional DFM portfolios in February. The wealth manager also laid out plans to double its funds under management in three to five years time.