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Political and macroeconomic unrest continues to cause market uncertainty, according to a firm looking to "reinvigorate" its business in a difficult climate.
Brooks Macdonald International, the Channel Islands subsidiary of AIM-listed investment management group Brooks Macdonald, has reported a modest rise in Funds under Management (‘FUM’) in its first financial quarter ending 30 September 2019.
FUM for Brooks Macdonald International, which has offices in Guernsey and Jersey, stood at £1.64bn, representing 2.3% growth on the previous quarter (30 June 2019: £1.60bn).
Brooks Macdonald International CEO Andrew Shepherd said this performance was reflective of reduced net outflows for the quarter and of the work under way to reinvigorate the business.
"The prevailing political and macroeconomic backdrop continues to generate market uncertainty and weaker client sentiment," he said. "Notwithstanding this, it is encouraging to see modest quarterly growth in International, which is reflective of the progress we are making as we look to reinvigorate our business. Looking forward, we continue to remain focused on enhancing our proposition for International clients and strengthening our relationships with trustees and advisers.”
FUM for Brooks Macdonald as a Group totalled £13.3 billion at the end of the quarter, an increase of 1.0% over the prior quarter (30 June 2019: £13.1 billion), as conditions remain challenging.
Pictured top: Andrew Shepherd.
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